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 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.
(Πηγή: enikos.gr)
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