European Сommissioner Says EU Ready to Reform Greece-Troika Cooperation

European Commissioner for Economic and Financial Affairs underlined that the troika must continue to work with creditors and recipient countries.

BRUSSELS (Sputnik) — The European Commission is ready to redefine the relationship between Greece and the troika of international creditors, Pierre Moscovici, European Commissioner for Economic and Financial Affairs, said Thursday.

"We've said that certain amendments should be made in [the] troika's work. There needs to be some kind of evolution," Moscovici said, at a press conference for the 2015 winter economic forecast.

Moscovici pointed out that European Commission President Jean-Claude Juncker and Commission Vice President for the Euro and Social Dialogue Valdis Dombrovskis were discussing possible reforms for the troika, which approves tranches to EU countries facing financial crisis.

At the same time he underlined that the troika must continue to work with creditors and recipient countries.

"What is true is that the presence of the three institutions that make up troika is indispensable," Moscovici added.

Greece's debt to the troika, comprising the International Monetary Fund, the European Union and the European Central Bank, amounts to more than $270 billion.

Newly-elected Greek Prime Minister Alexis Tsipras and his left-wing party Syriza won the general election in Greece in January largely due to promises to renegotiate Greece's bailout conditions with international lenders and stop unpopular austerity measures.

Following its victory in the election, the party quickly allied themselves with the right-wing Independent Greeks party, which gave the coalition a majority in the Greek parliament.