European Commissioner Pierre Moscovici said Greece’s EU lenders have agreed to provide debt relief provided that the Radical Left Coalition (SYRIZA) government can deliver on the terms of its third bailout package.

“The Eurogroup has already has discussed this,” Moscovici said in an interview with RMC radio. “We have agreed to lighten the interest burden, lengthen the maturity of the debt. It’s something that can be done when the time comes, after the negotiation of a good program of development and assistance,” Moscovici stated.

Moscovici ruled out a straight write down of Greece’s debt. “There is resistance across Europe as far as a haircut is concerned. In Germany but also in France,” he said, speaking to Bloomberg. “It’s not a restructuring. It’s a re-profiling.”