The “green light” for the release of the last tranche of Greek debt relief measures, amounting to €644 million, has been officially given by the Greek government. eurogroupSuch as 19 Minister of Finance of the Eurozone (That is, Croatia will become the twentieth member on January 1, 2023) adopted the recommendation of the European Commission, after the Commission’s first report on the Greek economy after exiting the enhanced supervision after the memorandum.
The “secret meeting” of eurozone finance ministers releases funds up to 644 million euroswhich comes from Greek government bond earnings withheld by European central banks (SMPs, ANFAs).
The said disbursement of this amount has been pending since July 2019, and the Eurozone finance ministers decided this evening Despite the unprecedented conditions created by the Russian invasion of Ukraine And the decisions of the Russian President Putin’s regime, Greece has implemented all its obligations.
The Eurogroup also discussed, for the second half of 2022, the zeroing, for the second half of 2022, of the additional margin (excess margin), which is expected to be integrated into the loan rate granted by the European rescue fund for Greece, and for the first time – the permanent reduction of this margin. With a value of zero for the period 2023-2049.
The specific decision of the Eurogroup is a significant milestone for the Greek economy, since our country is no longer subject to enhanced supervision, but, on the contrary, is valued like almost all EU member states.
Despite this, our country, like all others (Cyprus, Portugal and Ireland) that have exited EU support programs, will continue to be “closely monitored” by European institutions, since this is what the “six-pack” EU rules ( Five regulations and one directive) and two “packages” (two directives) that member states that have received European aid will be monitored “until 75% of the financial aid received has been repaid.”
Staikouras: a historic decision
In his statement, the Minister of Finance said:
“The Eurogroup, at its meeting today, took a historic decision on Greece.
A decision recognizing that, after exiting the enhanced supervision regime last August, a new chapter has opened for the country and our economy – despite multiple external crises – marks a positive trajectory and auspicious prospects.
A resolution that certifies that Greece, under adverse conditions – international – continues steadfastly and effectively to implement reforms and implement the National Recovery and Resilience Plan.
A decision that rewards the intense and systematic work of society and the state, by activating the last batch of agreed Greek debt relief measures.
Measures totaling €6 billion, including:
The release of the eighth and final tranche of European central banks’ profits from Greek bond purchases (the so-called ANFA / SMP), which – it should be noted – has been pending since the first half of 2019,
Cancellation, for the second half of 2022, of the additional margin (excess margin), which is expected to be incorporated into the interest rate on loans granted by the European rescue fund for Greece, and
Permanent cancellation – for the first time – of this margin from 2023 onwards.
We continue – and will continue – to work with plan, responsibility and confidence in our country’s capabilities, but also with full awareness of the difficulties, in order to make Greece stronger in all aspects and its economy more dynamic, productive and open. and socially just.”
Pascal Donahue: “Historic Moment”
A “historic moment” was marked by the Eurogroup’s decision to issue the final tranche of Greek debt relief to Greece, Eurogroup President Pascal Donaggio said.
During a press conference, shortly after the conclusion of the Eurogroup, Pascal Donahue confirmed that the discussion took place in the context of post-program supervision, where he said that the Greek economy and government had succeeded in emerging from the enhanced supervision programme. “We hope that this will be the last time that a Eurogroup statement specifically relating to Greece will be approved,” Donahue said, stressing that today’s important and “historic” decision had the support of all eurozone finance ministers, like everyone else. Conditions for the release of the latest tranche of Greek debt relief. This is the release of €725 million in 2022 and the removal of the interest rate increase margin on certain loans from the European Financial Stability Facility (EFSF).
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For his part, the new managing director of the European Stability Mechanism (ESM), Pierre Gramina, affirmed that today’s decision is “historic”, because “after four years, Greece has performed much better than we expected.” He pointed out, in fact, that in 2018, many doubted that Greece could fulfill this ambitious programme.
Pierre Gramagnea said that the Greek debt relief measures approved by the Eurogroup today amount to a total of 6 billion euros. He also added that the Greek Finance Minister reported that Greece’s debt reduction would be faster than in the entire Eurozone. “We know that Greece is fully committed to continuing to implement its programme. As Managing Director of ESM, I remain in close contact with the Greek government,” added Pierre Gramigna.
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