Greeks need help with economy, EU official says

The European Union’s top economy official says it’s time for the Greek people to see the "light at the end of the tunnel of austerity."

Speaking on the sidelines of a meeting of the eurozones 19 finance ministers, Pierre Moscovici said the Greek government had respected its bailout commitments and that it’s now time for the country’s creditors to "take theirs."

Moscovici said he hoped enough progress will emerge at the meeting of the so-called Eurogroup to prevent Greek Prime Minister Alexis Tsipras from calling a summit of eurozone leaders to discuss debt relief for his country.

Greece has been promised some form of help on its long-term debt repayments if it delivered wide-ranging economic reforms and kept a tight control on its spending.

Moscovici expressed his hope that the "spirit" was there for Greeces relations with its creditors to move to a "new phase."

This Eurogroup meeting, he said, may be "decisive" in that it will be "very positive for Greece and the Greek people." It needs to be a "success," he added. [AP]