EU commissioner: Greek economy could return to growth in 2nd half of 2016, much work remains

ATHENS, Greece – The European Union's top economic and financial official says Greece could return to growth in the second half of 2016, but that much work remains to be done on reforms the country has committed to in its third bailout program.

Speaking Wednesday during a visit to Athens, Pierre Moscovici said compromise was possible on how to tackle the problem of distressed mortgages but that decisions need to be taken quickly if Greece is to receive funds from its new 86-billion euro, three-year bailout. Pension reforms will also need to be made this month, he said.

A raft of spending cuts and tax hikes have already been passed in parliament. This, Moscovici said, was positive but 'there remains a lot of work to be done."