In the light of the European Central Bank's decision to stop accepting Greek bonds in return for funding, the president of the Socialists and Democrats Group in the European Parliament, Gianni Pittella, commented:

"The decision of the European Central Bank to stop accepting Greek bonds in return for funding should not have any effect on the current negotiations on the Greek debt. The European institutions, and no longer the Troika, have to ensure flexibility for the Greek government to promote reforms, relaunch the economy and diminish social inequalities. 

"Besides, the newly elected Greek government has to carry out feasible reforms in the public sector, as well as in the field of taxation and the fight against corruption.

"Both the European institutions and the Greek government should commit to finding a compromise on the renegotiation of the debts.

"Pacta sunt servanda (agreements must be kept) is an overall principle also applicable to the newly elected Greek government. However, European institutions should be open to the renegotiation, in particular the extension of the terms of its bailout plan.

"The S&D Group has always fought and will keep on fighting for this approach in the European Parliament."