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Parliamentary questions
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1 August 2018
Answer given by Mr Moscovici on behalf of the European Commission
Question reference: P-003081/2018

The Commission debt sustainability assessment (DSA) is based on agreed fiscal targets. Possible deviations of these targets are not taken into account in the DSA.

The Commission is not aware of any proposals replacing debt relief with higher fiscal targets.

The Eurogroup statement of 22 June 2018(1) returned to the sustainability of Greek debt on the basis of an updated debt sustainability analysis provided by the European institutions. It agreed that the implementation of an ambitious growth strategy and of prudent fiscal policies will be the key ingredients for debt sustainability. In this context the Eurogroup welcomed the commitment of Greece to maintain a primary surplus of 3.5% of gross domestic product (GDP) until 2022 and to, thereafter, continue to ensure that its fiscal commitments are in line with the EU fiscal framework. Analysis of the Commission suggests that this will imply a primary surplus of 2.2% of GDP on average in the period from 2023 to 2060.

This was accompanied by an agreement to implement a set of ambitious debt measures that will support Greece in maintaining gross financing needs at a sustainable level over an extended period of time, thus allowing Greek authorities to focus on key structural support measures, reigniting investment, long-term growth, and job creation.

The European institutions published an updated debt sustainability assessment after the 21/22 June 2018 Eurogroup meeting(2). The International Monetary Fund is also expected to come out with their updated DSA within the next weeks.

(2)https://ec.europa.eu/info/sites/info/files/economy-finance/compliance_report_4r_2018.06.20.docx.pdf (p.39)

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