Eurozone ministers
back 130bn-euro bailout for Greece
We are making every effort
so that the new programme will be a success and we will no longer be subject to
recurrent slippage. This will require
resolute actions from all sides including the commission who will reinforce the
task for Greece, in particular on the ground in Athens in order to ensure that
Greece has the institutional means to carry out the new programme successfully.
The ‘Troika’ will substantially
reinforce its presence in Athens in order to be able to kill any slippage,
coordinate with the task force for Greece will also be reinforced. Greece has announced that it aims to increase
the concept of absolute priority of debt service payments in its legal
framework in the next coming two months and later on its constitution. This is something that Spain, for example has
already done and this should encourage the return of investor confidence. In the meantime, a mechanism will be put in place
that better trace and monitors the funds invested with Greece’s debt. In fact an amount corresponding to the coming
quarters debt service should be paid directly to a segregated account in Greece’s
paying agent.
On the basis of these
elements and subject to the implementation of prior actions Europe Aid member
states will stand together to provide the IMF additional provision programme
financing of up to €130bn until 2014.
Member states should
now launch the relevant national procedures to allow for the provision of ESFS
of the necessary financing. We convene
at the beginning of March once the offer is closed and once Greece has complied
with the prior actions agreed for end February in order to examine the way
forward and proceed with the exchange and launch the second progamme for
Greece.
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