According to Pierre Moscovici, the European Union’s top economic and financial officer, the Greek economy could see improvement in the last six months of 2016. However, to accomplish this, a lot more work must be done regarding the reforms needed for the country’s bailout loans.

He added that negotiations regarding handling of the Greek economy and its distressed mortgages are promising, but decisions must be made soon so that Greece can get money from the country’s announced 86-billion Euro, three-year bailout plan. Additionally, he stressed a need for pension reform.

Spending cuts, tax increases already passed

Several tax raises and cuts in spending were already passed in Parliament, according to Moscovici.

He added that while this accomplishment is impressive, they can’t let up on the momentum now that the ball is rolling.

Greece’s Prime Minister Alexis Tsipras initially pledged to repeal the bailout obligations when he came to office in January, but has since changed his mind and vowed to put these reforms into place. Some of the reforms and spending cuts include a tax increase, pension reforms, and spending cuts, which are being done in return for the bailout monies so that the country doesn’t default on its debts and possibly be forced to stop using the Euro, Europe's shared currency.

Greece wants flexibility due to handling brunt of war refugees

Tsipras, nonetheless, did add on Wednesday that he believed Greece should get some flexibility since the country is handling a huge number of war refugees. He told the EU in a meeting that Greece has taken responsibility for more than it can support, as more than 600,000 refugees have crossed into Greece from Turkey in an attempt to escape the horrors of war.

Top Videos of the Day

Additionally, Greece’s financial problems have caused a domestic humanitarian crisis and he asked the European creditors to show Greece the same kindness being shown to those refugees.

He also asked for an easing of the demands being made regarding the distressed mortgages in the country since the Greek people are opening their homes and resources to refugees while still facing the threat of losing them. However, the EU is said to be against any easing of the reforms regarding the Greek economy and say they must be put into place immediately.