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European Commissioner says that Greece is having financial problems

The European Commissioner for Economic and Financial Affairs, Pierre Moscovici, said on Wednesday in Athens the need to continue the policies of austerity and reform program to alleviate the ailing Greek financial situation.

"Much remains to be done," said the commissioner in a press conference at the Ministry of Finance. The Eurogroup will take important decisions November 9 on Greece, so Athens is obliged to put up quickly on reforms, DPA said.

"The solidarity and responsibility must go hand in hand. I think the will is there," Moscovici said.

The most important issues to resolve the crisis are the recapitalization of banks and bad loans. Between these problems add up to a volume of more than 100,000 million and are the backbone of the difficulties faced by Greek banks.

The Greek government supports the idea of ​​protecting the most vulnerable citizens that they will lose their first home because they can not repay loans. Creditors, meanwhile, oppose and claim that all citizens should pay their debts. Moscovici was in favor of finding a way for the most vulnerable are protected and keep their homes.

When these controls are concluded may start talks on Greek debt, said the commissioner.

Athens wants to start talks as soon as possible for a debt restructuring. The Greek government does not link the recapitalization of banks with the end of the controls of the reform program. The vast majority of creditors reject loans before completion of the controls and start voting for the recapitalization of the debt once the have passed.

One of the following topics to be discussed, according to Moscovici, will the pension system in Greece. The IMF, meanwhile, should it continue monitoring the Greek situation said.

The European Central Bank announced last weekend that the four major Greek banks need about 14,400 million euros.

The new injection of 86,000 million euros signed in summer, includes explicit items for banks. 25,000 are reserved for that, and another 10,000 are available on short notice.

Rescue program in October were injected 2,000 million euros. Creditors have not concluded, however, checks on the efficiency of the reforms.

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