The background permanent eurozone rescue, the European Stability Mechanism (ESM), today gave the green light to the third financial rescue program for Greece . This payment is divided into a section of 10,000 million euros to be transferred to a special account of the ESM in Luxembourg for recapitalization and liquidation of banks, and another 13,000 million euros that Athens will receive tomorrow morning.
3,000 million euros will be disbursed “no later than November 30″ , according to the ESM, in one or two sections, subject to the implementation by Greece of key measures. The authorization, which was conducted by telephone conference, was made possible after several euro countries to their parliaments take the agreement to grant the country a new package of financial assistance, including Germany, the Netherlands and Spain.
The policy of the ESM, which are represented Ministers of Finance and Economy of the euro countries, also today gave its approval to the financial program associated with the rescue and the Memorandum of Understanding, which sets the reforms and adjustments to be undertaken by Greece in return for new loans from the eurozone.
The memorandum was signed by the Vice-President of the European Commission (EC) for the Euro and, Valdis Dombrovskis, Social Dialogue on behalf of the ESM. . The financial program is signed by the manager of the ESM, Klaus Regling, director and Greek Finance Minister Euclides Tsakalotos
MORE: The image of a ticket 2 bolivars used naked napkin devaluation in Venezuela
MORE: The US oil breaks negative marks again, it came to $ s40,60
The ESM recalled in a statement that the total amount of rescue, which will reach 86,000 million euros until 2018 will depend on the “success” of Greece in the application reform, while noting that the amount of loans by euro-zone will be linked to the future decision of the International Monetary Fund on participation in the program.
The Eurogroup chairman Jeroen Dijsselbloem said in a video message that the Greek program “is accompanied by strict conditions aimed at correcting public finances and administration, as well as dealing with the economy and problems in the financial sector.”
“Much work remains to be done to stabilize the Greek economy”
The Dutch finance minister also expressed satisfaction by the fact that the government of Alexis Tsipras has already taken “some credible steps” in this direction with the approval of prior actions, but warned that “much work remains to be done to stabilize the Greek economy and re- gain confidence both in that country and the euro area “.
Meanwhile, Dombrovskis said the social network Twitter that” the Greek authorities have an opportunity to restore financial stability ” He stressed that the implementation of reforms “is what will the end.”
“ The conclusion of the program of Greece opens a new chapter on the basis of reforms, justice and shared trust towards higher growth and employment, “he said, for its part, the European Commissioner for Economic and Financial Affairs, Pierre Moscovici.
This first payment of 13,000 million euros, Athens can deal with the return of 3,400 million euros to the European Central Bank (ECB), which expires tomorrow, repay the bridging loan of 7,160 million euros it received in July the European Union (EU) and pay household bills backward.
No comments:
Post a Comment