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Greek debt crisis live: Moscovici pushes Merkel with pledge Greece can earn debt relief

Greek debt crisis live: Moscovici pushes Merkel with pledge Greece can earn debt relief - European Commissioner Pierre Moscovici said Greece's European creditors have approved to provide debt relief as long as the country's government can provide on the terms of its third bailout package.

The comments oppose the German position that assistance in the repayment terms on Greece's debt can be discussed further down the track.

The International Monetary Fund has constantly asked euro area governments to reduce Greece's debt burden in order to encourage the country's chances of revitalizing its economy.

Merkel told German broadcaster ARD on Sunday that she's ready to talk over debt relief once Greece is done with the first round of a new bailout.

Like Merkel, Moscovici discarded a straight writedown of Greece's debt.

Banks were reopened on Monday, although capital controls and limits on withdrawals remained. The daily cash withdrawal limit of 60 euros will be substituted by a weekly limit of 420 euros. However transfers abroad from Greek accounts remain forbidden.

Alan McQuaid, chief economist at Merrion Capital Group Ltd. in Dublin said, "Apart from Germany, it appears that most people are in agreement that Greece needs a substantial debt writedown. Unless they get it, it is hard to see the country surviving within the eurozone indefinitely."