| Author (Corporate) | European Stability Mechanism |
|---|---|
| Series Title | Press Release |
| Series Details | 17.07.15 |
| Publication Date | 17/07/2015 |
| Content Type | News |
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The Board of Governors of the European Stability Mechanism (ESM) approved on 17 July 2015 a decision to grant, in principle, stability support to Greece in the form of a loan programme. The decision followed the completion of national procedures that involved parliamentary approval in some of the ESM member states (for example, France, Germany and Greece). The basis for the Board of Governors’ approval was the assessment by the institutions and the proposal by ESM Managing Director Klaus Regling. This decision followed the decision of the European Commission to propose the European Financial Stability Mechanism (EFSM) as the tool to provide a short-term bridge loan to Greece until the long-term ESM agreement was concluded. The European Central Bank (ECB) had also decided to increase the Emergency Liquidity Assistance (ELA) to Greece. |
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| Source Link | Link to Main Source http://www.esm.europa.eu/press/releases/esm-board-of-governors-approves-decision-to-grant,-in-principle,-stability-support-to-greece.htm |
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| Subject Categories | Economic and Financial Affairs |
| Countries / Regions | Europe |
