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EU-Greek Deal on Contingency Mechanism Possible

© AP Photo / Yorgos KarahalisA European Union (EU) flag flutters in front of the temple of the Parthenon in Athens, Greece, Saturday, Aug. 15, 2015
A European Union (EU) flag flutters in front of the temple of the Parthenon in Athens, Greece, Saturday, Aug. 15, 2015 - Sputnik International
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EU is intended to help Greece to meet its budget surplus target, a European Commissioner in charge of economic affairs said Tuesday.

MOSCOW (Sputnik) — EU finance chiefs will make every effort to help Greece "find growth again" by hammering out a deal that will see Athens meet its budget surplus target, a European Commissioner in charge of economic affairs said Tuesday.

A man holds a sign that reads Troika Out as people take part in a demonstration called by associations, unions and left-wing politicians in support of both migrants and the Greek people on June 20, 2015 in Paris. - Sputnik International
EU Politicians: 'Hawks Want to Kill Greece & We Can't Allow This Blackmail'
The European Commission and Athens have been locked in a debate over a contingency mechanism that will snap financial measures into place to help Greece reach the primary objective of 3.5-percent surplus by 2018 if it veers off this track. Greece argues that its constitution forbids laws on hypothetical events.

"The Commission’s position is that we have to pull out all the stops to get an agreement, that such an agreement is possible and it is necessary," European Commissioner for Economy and Finance Pierre Moscovici told reporters at a briefing.

Eurogroup finance ministers are scheduled to meet on May 9, after their meeting was called off last week over lack of progress in talks with Greece. Talks will focus on preparing the legal framework for the disputed contingency mechanism, as well as on further Greek reforms.

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