The Eurogroup reiterates its appreciation for the remarkable adjustment
efforts undertaken by Greece and the Greek people over the last years. During
the last few weeks, we have, together with the institutions, engaged in an
intensive and constructive dialogue with the new Greek authorities and reached
common ground today.
The Eurogroup notes, in the framework of the existing arrangement, the
request from the Greek authorities for an extension of the Master Financial
Assistance Facility Agreement (MFFA), which is underpinned by a set of
commitments. The purpose of the extension is the successful completion of the
review on the basis of the conditions in the current arrangement, making best
use of the given flexibility which will be considered jointly with the Greek
authorities and the institutions. This extension would also bridge the time for
discussions on a possible follow-up arrangement between the Eurogroup, the
institutions and Greece.
The Greek authorities will present a first list of reform measures, based
on the current arrangement, by the end of Monday February 23. The institutions
will provide a first view whether this is sufficiently comprehensive to be a
valid starting point for a successful conclusion of the review. This list will
be further specified and then agreed with the institutions by the end of
April.
Only approval of the conclusion of the review of the extended arrangement
by the institutions in turn will allow for any disbursement of the outstanding
tranche of the current EFSF programme and the transfer of the 2014 SMP profits.
Both are again subject to approval by the Eurogroup.
In view of the assessment of the institutions the Eurogroup agrees that the
funds, so far available in the HFSF buffer, should be held by the EFSF, free of
third party rights for the duration of the MFFA extension. The funds continue
to be available for the duration of the MFFA extension and can only be used for
bank recapitalisation and resolution costs. They will only be released on
request by the ECB/SSM.
In this light, we welcome the commitment by the Greek authorities to work
in close agreement with European and international institutions and partners.
Against this background we recall the independence of the European Central
Bank. We also agreed that the IMF would continue to play its role.
The Greek authorities have expressed their strong commitment to a broader
and deeper structural reform process aimed at durably improving growth and
employment prospects, ensuring stability and resilience of the financial sector
and enhancing social fairness. The authorities commit to implementing long
overdue reforms to tackle corruption and tax evasion, and improving the
efficiency of the public sector. In this context, the Greek authorities
undertake to make best use of the continued provision of technical
assistance.
The Greek authorities reiterate their unequivocal commitment to honour
their financial obligations to all their creditors fully and timely.
The Greek authorities have also committed to ensure the appropriate primary
fiscal surpluses or financing proceeds required to guarantee debt
sustainability in line with the November 2012 Eurogroup statement. The
institutions will, for the 2015 primary surplus target, take the economic
circumstances in 2015 into account.
In light of these commitments, we welcome that in a number of areas the
Greek policy priorities can contribute to a strengthening and better
implementation of the current arrangement. The Greek authorities commit to
refrain from any rollback of measures and unilateral changes to the policies
and structural reforms that would negatively impact fiscal targets, economic
recovery or financial stability, as assessed by the institutions.
On the basis of the request, the commitments by the Greek authorities, the
advice of the institutions, and today's agreement, we will launch the national
procedures with a view to reaching a final decision on the extension of the
current EFSF Master Financial Assistance Facility Agreement for up to four
months by the EFSF Board of Directors. We also invite the institutions and the
Greek authorities to resume immediately the work that would allow the successful
conclusion of the review.
We remain committed to provide adequate support to Greece until it has
regained full market access as long as it honours its commitments within the
agreed framework.
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