The ECB confirms that all Greek government bonds maturing today and owed to the ECB and Eurosystem NCBs have been repaid by Greece
European Commission retweeted
Valdis Dombrovskis @VDombrovskis 2015-08-19
Today we have delivered for the 1st time on this commitment by thoroughly assessing the social impact of the new programme for #Greece
(included link to press release)
Direct Link to pdf
Assessment of the Social Impact of the new #ESM Stability Support Programme for #Greece @mariannethyssen @EU_Social http://ec.europa.eu/economy_finance/assistance_eu_ms/greek_loan_facility/pdf/assessment_social_impact_en.pdf …
Latest state of play and related documents on financial assistance to #Greece #ESM #MoU @ecfin http://ec.europa.eu/economy_finance/assistance_eu_ms/greek_loan_facility/index_en.htm …
Το Ομοσπονδιακό Υπουργείο Εξωτερικών στηρίζει τον Ερυθρό Σταυρό στην επιχείρηση βοήθειας σε πρόσφυγες στην Ελλάδα.
(after a marathon all-night session)
All documents for #ESM programme for #Greece now sent to @EUCouncil ahead of Friday's Eurogroup http://europa.eu/rapid/press-release_STATEMENT-15-5491_en.htm …
Negotiations completed; an agreement has been reached at technical level. Finalized text has been sent to Member States (for approval and agreement at political level). Eurogroup (Eurozone Finance Ministers) to convene on Friday 2015-08-14.
.@A_Breidthardt: Συμφωνία σε τεχνικό επίπεδο.Παραμένουν κάποιες λεπτομέρειες.Ολοκλήρωση σήμερα. Επόμενο βήμα,αξιολόγηση σε πολιτικό επίπεδο.
Towards a "European narrative" (citing Pascal Lamy) for shared values and objectives in the EU.
Συνέντευξη Benoît Cœuré στη Le Monde http://bit.ly/1gg5Wlb (EL)
(Other languages available)
President Pavlopoulos thanks France's Hollande for support in Summit meeting
13/ 07/ 2015
ANA - MPA -- Greek President Prokopis Pavlopoulos had a telephone conversation with French President Francois Hollande on Monday, during which Pavlopoulos thanked him for his crucial contribution in achieving a deal on Sunday’s Summit meeting.
He also congratulated him for French National Day to be celebrated on Tuesday.
Juriste et universitaire
Diplômé de la faculté de droit de l'université d’Athènes en 1973, Prokópis Pavlópoulos poursuit ses études à la faculté de droit de l'université Panthéon-Assas, en France. Secrétaire particulier du président de la République Mikhaíl Stasinópoulos entre 1974 et 1975, il obtient, cette même année, un DEA à l'université d'Assas (Paris II), puis, deux ans plus tard, un doctorat en droit public.
Durant cette période, il écrit de nombreux ouvrages relatif au droit constitutionnel, politique et civil ; quelques-unes de ses publications sont traduites en langue française.
Extrait du lien du tweet ci-dessous:
"Lettres de remerciement, appels téléphoniques, fleurs et même un objet de porcelaine sont reçus par l’Ambassade de France à Athènes pour l’aide de Paris à la recente EuroSommet."
D’après l’ambassadeur Jean Loup KUHN-DELFORGE : « Nous recevons beaucoup de lettres de remerciement, des appels téléphoniques, des fleurs, des cadeaux. Une grand-mère nous a envoyé un petit objet de porcelaine et nous a demandé de l’envoyer au Président Hollande ».
Λουλούδια και πορσελάνες στέλνουν Έλληνες στη γαλλική πρεσβεία
Images from the law proposal debate at the Greek Parliament
1η αξιολόγηση @EU_Commission,@ecb & #IMF:οι ελληνικές αρχές κατοχύρωσαν νομοθετικά 2η δέσμη μέτρων εγκαίρως&επαρκώς. https://twitter.com/mina_andreeva/status/624171569108135936 …
After the Europarliament Plenary Session on Greece on 2015-07-06 Chief EU_Commission Spokeperson M. Schinas was sending the following tweet. A very critical time period has gone by since then. Good luck with the negotiations for the ESM plan.
ΤΕΥΧΟΣ ΠΡΩΤΟ (A) - 1 Φύλλο
ΦΕΚ A 87 - 23.07.2015 Σελίδες 120 (795 - 914)
One single reform can provide revenue of 8 bn Euros annually: Bank cards versus cash transactions Article in Greek: http://www.amna.gr/article-featured.php?id=84071
Άρθρο μου σήμερα στο ΑΠΕ για την κατάργηση των μετρητών. http://www.amna.gr/article-featured.php?id=84071 … pic.twitter.com/ktfwdsUbSw
(English version follows)
|ΤΕΥΧΟΣ ΠΡΩΤΟ (A) - 1 Φύλλο|
|ΦΕΚ A 80 - 16.07.2015 Σελίδες 24 (745 - 768)|
(παραπομπή εντοπισμού - σύνδεσμος)
by 15 July
• the streamlining of the VAT system and the broadening of the tax base to increase revenue;
• upfront measures to improve long-term sustainability of the pension system as part of a comprehensive pension reform programme;
• the safeguarding of the full legal independence of ELSTAT;
• full implementation of the relevant provisions of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in particular by making the Fiscal Council operational before finalizing the MoU and introducing quasi-automatic spending cuts in case of deviations from ambitious primary surplus targets after seeking advice from the Fiscal Council and subject to prior approval of the Institutions;
by 22 July
• the adoption of the Code of Civil Procedure, which is a major overhaul of procedures and arrangements for the civil justice system and can significantly accelerate the judicial process and reduce costs;
• the transposition of the BRRD with support from the European Commission.
(Greece has to adopt the EU BRRD law)
Bank Recovery and Resolution Directive (BRRD) EUR-Lex EN link
"Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms"
Greece repays to IMF the June 30th combined* June instalments of 1.6bn (305+343+572+343m=1.563bn) and the 13th July 500m instalment, giving a total of 2.1bn
(*permission granted by IMF)
Greece repays to the ECB 3.5bn in principal plus interest, giving a total of 4.2bn.
Greece repays 500m to the Bank of Greece.
Greece repayments of a total of 6.8 bn could be made from the 7.16bn loan that was provided by the European Union (via EFSM).
On 1st August 178m in interest needs to be payed to the IMF.
Reference for instalments: The Guardian
ECB confirms it has been repaid. #Greece
IMF @IMFNews 2015-07-20
Statement on repayment by Greece. http://ow.ly/PQb7c
Link Österreichisches Parlament
(439 in favour, 119 against, 40 abstained)
[German Embassy in Greece]
(Tweet includes link to Bundestag)
#ESM Board of Governors approves decision to grant, in principle, #ESM stability support to #Greece http://www.esm.europa.eu/press/releases/esm-board-of-governors-approves-decision-to-grant,-in-principle,-stability-support-to-greece.htm …
On 17 July 2015, the Council adopted a decision granting up to €7.16bn in short term financial assistance to Greece under the European Financial Stabilisation Mechanism (EFSM).
The loan will have a maximum maturity of three months and will be disbursed in up to two instalments. It will allow Greece to clear its arrears with the IMF and the Bank of Greece and to repay the ECB, until Greece would start receiving financing under a new programme from the European Stability Mechanism (ESM).
a. Financial sector: (...) the situation for the banks has dramatically worsened (9). Hence, it is expected that banks will need to raise a substantial amount of capital over a relatively short period of time so as to remain compliant with regulatory requirements and to mitigate the loss of confidence resulting from the imposition of payment restrictions. Given that it is unlikely that banks will be able to secure private investment, capital injections will likely need to come from programme financing. Current preliminary calculations estimate financing needs in the banking sector to total EUR 25 bn. These would need to be validated by a due diligence exercise by the various institutions at a later stage.
b. Medium and long-term debt redemption: Over the three years, Greece has to cover EUR 53.7 bn in debt amortisation and interest payments (EUR 35.9 bn in amortisation and EUR 17.8 bn in interest payments).
c. Fiscal needs: Compliance with the primary fiscal targets of the second programme, would have allowed the primary balance surpluses to contribute to lower financing needs. The second programme fiscal primary target path were a surplus of 1.5% of GDP in 2014, 3% in 2015, 4.5% in 2016-17, 4.3% in 2018-20 and 4% in 2021-22. This would have resulted in internal financing of some EUR 24 bn over the programme period. Maintaining those targets would be highly pro-cyclical. Every percentage point change in the targets will cost about EUR 1.8bn per year. In this respect, guidance from the Eurogroup would be appreciated, in light of the implications for programme financing.
Last excerpt from the assessment:
(Section: Total financing sources)
c. Access to market financing: The main purpose of ESM financial assistance accompanied by a macroeconomic adjustment programme is to allow the beneficiary member to gradually regain market access at affordable costs. While it is difficult to forecast when and to which extent market access is regained, it is consistent with past experience (including Greece itself) assuming that from the second half of the programme horizon, a beneficiary member state is able progressively to tap the markets.
As outlined in the a loan amounting to a maximum of EUR 7 billion - with a maximum maturity of 3 months - would be disbursed in one instalment and be linked to economic policy conditionality. The assistance to be granted to Greece by the ESM later on will be used to repay the short-term loan received by Greece under the EFSM.
2015-07-16: Finnish Parliament votes in favour of ESM funding for Greece (25 lawmaker-committee, 16 in favour, 4 against)
Grand Committee approved (votes 16-4, 5 abstentions) government's position: Finland is in favor of opening up ESM negotiations with Greece.
2015-07-15: French Parliament votes in favour of ESM funding for Greece (412 in favour, 69 against)
EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support
From EU Council tweet:
Finance ministers will as a matter of urgency discuss how to help #Greece meet her financial needs in the short term (bridge financing).
Greek parliament to vote law proposal to authorize Prime Minister, Minister of Finance and Minister of State to negotiate the final terms of the agreement with their counterparts and to proceed to a loan contract with the ESM.
Policy conditionality in English is included in the file of the law proposal from the Greek Parliament site
Translated excerpts from the introduction of the law proposal:
On the negociation and the conclusion of a loan contract with the European Stability Mechanism (ESM)
1. The agreement with the ESM addresses the funding of the loan reimbursement needs of the country from 2015-07-01 until 2018-06-30, for three years, during which reimbursement of a very important of the public debt, mainly towards the IMF and the ECB, of an amount of 46 billion Euros has to take place. To this, the amount of 7.5 billion Euros approximatively has to be added, which has been provided by the Greek state, from own funds, and that has to be refunded. It is evident that the economy of the country does not allow the reimbursement of this debt, which accounts for the harder part of the total public debt.
This procedure consists simultaneously a partial restructuring of the greek public debt, since with its refunding by the European Stability Mechanism (ESM), its reimbursement is postponed and also this debt is added to the total debt for ESM and ESFM. In addition, with this procedure the debt of the country becomes strictly European and is managed in the frame of European Treaties.
2. The agreement will include a commitment by the creditors to negotiate with Greece measures of restructuring of the long-term debt, after 2022, so that it is viable and serviceable by the Greek Economy after 2022.
Jeroen Dijsselbloem retweeted
Michel Reijns @MichelReijns 2015-07-09
No further comment from the PEG side until the institutions have finished their assessment. #Eurogroup on Saturday 11 July
(PEG=President of Eurogroup)
Announcement (in Greek) after the meeting of political leaders of Greece held on 2015-07-06