| Author (Corporate) | Eurogroup |
|---|---|
| Series Title | Press Release |
| Series Details | 25.05.16 |
| Publication Date | 25/05/2016 |
| Content Type | News |
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On 24 May 2016, the Eurogroup made a statement on the situation in Greece. The Eurogroup welcomed a staff-level agreement between Greece and the institutions, paving the way for the finalisation of the first review of Greece's macroeconomic adjustment programme. This enabled the European Stability Mechanism to unlock the next tranche of financial assistance to Greece (€10.3bn) available under the programme. The amount was scheduled to be released in several instalments once Greece implemented all agreed prior actions. The agreement also contains a packaged of reforms to be implemented by Greece, and an additional contingency mechanism, previously agreed on 9 May 2016. The Eurogroup commended progress achieved by Greece in already implementing the majority of agreed prior actions. The Eurogroup agreed on a set of measures to ensure the sustainability of Greece's public debt, to be implemented between the conclusion of the first review and the end of the programme, as well as thereafter. The scope of the latter was to be determined based on an updated debt sustainability analysis. The Eurogroup also welcomed the intention of the IMF management to recommend to the IMF Executive Board to approve a financial arrangement before the end of 2016, to support the implementation of the agreed reform. However, Kathimerini reported that the Greek government was likely to be concerned by comments emerging from the IMF on the 25 May 2016 that there are no guarantees the Fund would retain a financial involvement in the Greek programme. |
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| Source Link | Link to Main Source http://www.consilium.europa.eu/en/press/press-releases/2016/05/24-eurogroup-statement-greece/ |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe, Greece |
