EU's Moscovici: No debt relief for Greece

"Debt has to be repaid - that's clear. Debt cannot be wiped out. There will be no haircut, no debt relief," the European Commissioner for Economic and Financial Affairs said in a speech in Berlin.

He added that while it was necessary to deal with Greece's social problems, the country also needed to implement reforms.

Moscovici said the contagion risks to the rest of the euro zone from the Greek crisis were "much lower" than they were two years ago but stressed that countries needed to press on with reforms.

(Reporting by Michelle Martin; Editing by Michael Nienaber)