The
Eurogroup welcomes the successful completion of the relevant national
procedures related to the decision to grant in principle a 3-year ESM
stability support to Greece, and especially the recent swift legislative
steps taken by the Greek parliament as a first step towards rebuilding
trust.
Following
a formal decision taken by the ESM Board of Governors, the institutions
were entrusted with the task of swiftly negotiating a Memorandum of
Understanding (MoU) detailing the policy conditionality attached to the
financial assistance facility.
In
line with the Euro Summit statement of 12 July, the Eurogroup discussed
the issue of possible short-term bridge financing to ensure that the
Greek sovereign can clear its arrears to the IMF and to the Bank of
Greece and honour its debt obligations in the coming weeks. In this
respect, the Eurogroup welcomes the decision of the Council to grant
short-term financial assistance to Greece, using up to EUR 7.16 bn of
the funds still available under the European Financial Stability
Mechanism (EFSM).
In
this context, the Eurogroup agrees in principle to transfer the 2014
SMP equivalent profits to be held at an ECB account to ensure legally
enforceable rights to protect non euro area Member States from a risk of
loss resulting from an EFSM programme to Greece. This will be confirmed
by a letter from the President of the Eurogroup to the ESM. The SMP
profits will be exclusively used either as compensation to non-euro area
Member States in case of losses or will be returned to the euro area
Member States, if not needed. Should Greece fail to repay the EFSM loan,
the available instruments to recover the debt and protect the Union
budget will be used, confirming that the risks of not concluding swiftly
the negotiations on the ESM programme remain fully with Greece.
The
Eurogroup welcomes the very constructive approach taken by the non-euro
area EU Member States. The Eurogroup commits to ensure proper
transparency and to strengthen cooperation with the non-euro area EU
Member States. The Eurogroup confirms that all matters of general
application, including the EU budget and the EFSM, are to be discussed
and decided upon in the Council involving all Member States.
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