ATHENS — Market reaction shows there is confidence about the viability of debt of countries like Greece and Italy, European Commissioner for the Economy Paolo Gentiloni told the online Delphi Economic Forum on Wednesday.

In addition, he said, the European Central Bank program was expanded to include Greek state bonds, so there is no reason to believe things are not under control. He asserted that a memorandum of understanding would not accompany the loans of countries from the Commission's Recovery Fund, while he noted it was unlikely that a final agreement on the Fund would be made at the next Summit meeting, but very likely at next month's.

Six months ago, whoever had said the Commission would propose 500-billion-euro loans to the markets would have been labelled crazy, he said, speaking of the aid package proposal.