EU's Moscovici says Greece faces 'tough' decisions by year's end

The EU's top economics affairs official Pierre Moscovici warned Thursday that Greece faces "tough" decisions before the end of the year as Athens struggles to meet the strict conditions of its third bailout. "Since July, we have worked in confidence and in a spirit of cooperation that is unprecedented between a Greek government and the European institutions since the start of the crisis," Moscovici told AFP in an interview, just days ahead of a visit to Athens. "This doesn't mean everything is easy. There are complicated issues, challenges and there will be tough decisions to take before the end of the year," he said, speaking at the European Commission's headquarters in Brussels. Greece in July agreed a three-year, 86 billion euro ($96 billion) bailout -- its third since 2010 -- that saved Athens from crashing out of the eurozone but came with strict conditions. Greece received a first tranche from the bailout of 13 billion euros in August to help it meet urgent payments owed to the European Central Bank and the International Monetary Fund. It is now awaiting the disbursement of two billion euros, which requires that Athens pass another wave of tough reforms, including a reduction in pension payments. The creditors are also asking that Athens implement measures to facilitate home loan foreclosures but the Greek government insists on maintaining exceptions for more vulnerable households. Moscovici insisted on the need to accelerate the reforms before any future payments from the bailout, which will also include a separate but even more sensitive recapitalisation of Greece's main banks. "We have to be frank about the big questions that are on the table and will continue to be so from now until Christmas," he said.