European Commissioner for Economic, Financial Affairs, Taxation and Customs Pierre Moscovici estimated the disbursement of the 10.3bln total installment to Greece would happen on June 16 at the regular Eurogroup meeting. Speaking in a joint press briefing on the progress of the Greek program review, with European Commission Vice President Valdis Dombrovskis, Tuesday, Moscovici opened his statements by reiterating what German Finance Minister Wolfgang Schauble has often said about Greece that everything depended on the implementation of the program by the Greek government.

Dombrovskis expressed his satisfaction over the results of the May 24 Eurogroup meeting, stressing that the reforms voted by the Greek government were necessary for the stabilisation of the country’s economy.

On his part, Moscovici made it clear that progress would be achieved only if the Greek program was fully implemented. ‘I have confidence in the Greek authorities’, said Moscovici. On the issue of a haircut to the Greek debt Moscovici categorically ruled out a nominal debt relief, adding that the Commission’s goal was to help Greece return to the markets. ‘A Grexit is no longer on the table. There is no way of an exit. We ascertained that Greece is making reforms. What we must ensure these reforms are implemented’, he stressed.