Greece must offer more precise parameters on social security reform, Moscovici says

Greece must improve its pension proposals in order to move ahead with its bailout program and start discussions on easing its debt burden, European Union Economic Affairs Commissioner Pierre Moscovici said in an interview with Bloomberg at the World Economic Forum in Davos, Switzerland.

He also stressed that Greek Prime Minister Alexis Tsipras must offer “more precise parameters” on the reform on pension system, while he pointed out that so far, Greece has a “comprehensive and positive” first draft that needs to be fleshed out.

“We need first to have that pension reform — I want that to happen as fast as possible,” Mr. Moscovici said. That would pave the way for finishing the bailout program’s first overall review and “after that, we might discuss about re-profiling of the Greek debt” by lowering the debt service burden, he said.

Mr. Moscovici also said that he plans to meet Mr. Tsipras and International Monetary Fund Managing Director Christine Lagarde during the Davos meetings.

He also stated that the review teams will go to Athens “very soon” once Greece has provided more information to bailout authorities, he said.