EU’s Moscovici calls for solution on Greek debt relief

EU Currency Commissioner Pierre Moscovici called for efforts to reach a solution on Greek debt relief when the Eurogroup meets next week, saying he did not view the compromise proposal from May as a sufficient basis for discussion.

"It cannot be that we give Greece the exact same proposal as last time after all its efforts, with the motto, 'Eat or Die'. That cannot be," Moscovici told German magazine WirtschaftsWoche.

The EU commissioner said it was important to reach a deal: "No one would understand if we create a crisis out of nothing."

Greece this week urged European lenders to offer incentives that would boost growth and help break an impasse between the euro zone and the International Monetary Fund on the size of relief the country needs to make its debt sustainable. [Reuters]