Monday, October 10, 2016

Euro group approves new financial injection for Greece – THE WORLD

updated: 20:06 PM | Reading time: 3 minutes

Lin Luxembourg – The highly-indebted Greece is to receive according to his recent reforms, the fresh money from the Euro rescue Fund, the ESM. The Euro-group, but to only 1.1 billion euros, as its Chairman Jereon Dijsselbloem said.

The decision on a further 1.7 billion euros, because the information from Athens that are missing. They will be delivered, could also follow the second part of the amount quickly.

The Euro-Finance Ministers acknowledged after consultations in Luxembourg explicitly States that the Greek government had worked out as agreed on 15 steps to reform. Praised, among other things, the restructuring of the pension system and energy sector, as well as the sale of state assets. The Greek Finance Minister Euclid Tsakalotos stressed that the partners have unanimously confirmed by the reform of his country. The payout, he called very well for his country, even if the money is needed extremely urgently.

The current aid programme for Greece was agreed last year for the period up to August 2018, and covers up to 86 billion Euro. At the Meeting of the Eurozone Finance Ministers, there was the recent Rate of 2.8 billion euros. The payout was linked to the 15 so-called Milestones. The EU Commission also certified the government in Athens, that you have met all of these points.

In addition, Greece has to prove that with the already out of funds paid outside of maladministration in the institutions were settled in their own country. These data are not available for recent weeks, reported Dijsselbloem and EU monetary Affairs Commissioner Pierre Moscovici. As soon as the documents arrive, you would be tested. Ultimately, the Euro rescue Fund ESM could. also use the remaining 1.7 billion euros at its meeting on 24 October free, how to ESM chief, Klaus Regling added.

at the beginning of the meeting, had expressed some Euro-countries have reservations about the disbursement of a total of 2.8 billion euros, as it was called from participants circles. In a work session prior to the Ministerial round was not agreed to. A postponement was possible, it said. But nothing came of it.

Greece had promised in a dramatic financial situation in 2015 as a consideration for further support far-reaching reforms. It is a question of sale of state property, the reduction of social expenditure and higher tax revenues.

Prior to the disbursement of individual loan tranches examine the creditor, whether the Commitments are met. So are flowed from the third programme of assistance in the meantime, around 28.9 billion euros, the last of which 7.5 billion in June. The now debated 2.8 billion euros were kept for the time being.

It is important to make Greece is now a success story, said Commissioner Moscovici. Among the creditors of Athens, there are two schools of thought: Some want to reward reform efforts and the funds that could serve as Economic stimulus for Greece. Because the country suffers from extremely high unemployment and low growth. Other lenders, including Germany, want to keep the reform pressure on the left government.

information on Greece-a programme of the ESM (English)


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