2016-05-24 Eurogroup - Greece 

Eurogroup President: “Greece has done a lot, delivering a lot, we are making good progress”.“Program fully back on track”

 

 

 

 

All the hard legislative work done by Greece starting this summer until last week is recognized and the first evaluation is now completed successfully.

 

On this basis:

1. Planned disbursement approved.

2. Debt sustainability addressed: A pack of short, medium and long term measures is proposed/outlined.

 

In accordance with previously agreed method: Interest rates up to 15% of GDP (benchmark for gross financing needs)

 

IMF to consider to re-engage.

 

Financial Times: Reacting to the news of the breakthrough on Wednesday, Greek 10-year bonds yielded under 7 per cent for the first time since November.

 

 

2016-05-24

Greece keeps on legislating hard: Passes last reform bill Sunday ahead of Eurogroup

Exemplary status including commitment and economic sacrifices ahead of today's Eurogroup

 

Image: Reuters

 

 

2:05pm · 23 May 2016

#Greece passes last reform bill to close review ahead of #Eurogroup READ via @greeknewsagenda ow.ly/xMID300tPdW

 

 

 

2015-08-20: ECB repayment by Greece

ECB @ecb 2015-08-20

The ECB confirms that all Greek government bonds maturing today and owed to the ECB and Eurosystem NCBs have been repaid by Greece

 

___________________________________________________________________________________

 

Greek Debt Information

http://graphics.wsj.com/greece-debt-timeline/

 

___________________________________________________________________________________

 

 

2015-08-19: EU_Commission signs three-year ESM programme for Greece

 

.@EU_Commission signs three-year ESM stability support programme for #Greece http://europa.eu/!vq93GV 

Embedded image permalink

 

 

 

European Commission retweeted

Valdis Dombrovskis ‏@VDombrovskis  2015-08-1920 hours ag

Stability support for #Greece approved by €zone. Just signed new #MoU on behalf of @EU_Commission and @JunckerEU

Embedded image permalink

 

 

 

 

 

 

 

2015-08-19: European Commission publishes "Social Impact Assessment" for the ESM programme for Greece

 

 

 Jean-Claude Juncker retweeted

This @EU_Commission has made it a priority to put socially fair adjustments at the core of new support programmes http://europa.eu/!vq93GV 

 

 Jean-Claude Juncker retweeted

Today we have delivered for the 1st time on this commitment by thoroughly assessing the social impact of the new programme for #Greece


.@mariannethyssen We have delivered on our commitment to assess 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 …

 

 

Indirect Link 

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 …

 

Έκθεση της @EU_Commission για τις κοινωνικές επιπτώσεις του νέου προγράμματος #ESM για την Ελλάδα.#Greece @EU_Social

Tove Ernst @ToveErnst

 

 

 

2015-08-19: ESM Publishes Factsheet with key information on Greece

 

#ESM publishes Factsheet with key information on Greece ESM/#EFSF programmes http://goo.gl/6pKAKm 

 

Embedded image permalink

 

#ESM Managing Director Klaus #Regling signs the ESM Financial Assistance Facility Agreement for #Greece

Embedded image permalink

 

 

 

 

 

2015-08-19: German Parliament votes in favour of ESM Program for Greece

 

The German #Bundestag says "yes" to third bailout for #Greece http://bit.ly/1J5Taz7  #ESM

Embedded image permalink

 

http://www.bundesregierung.de/Content/EN/Artikel/2015/08_en/2015-08-19-griechenland-bundestag-abstimmung_en.html

 

 

http://www.bundestag.de/dokumente/textarchiv/2015/kw34_de_griechenland/385532

 

 

2015-08-19: Dutch Parliament votes in favour of ESM Program for Greece

http://www.dutchnews.nl/news/archives/2015/08/dutch-parliament-agrees-to-support-new-greece-bail-out/

 

 

 

German Foreign Office supports German Red Cross for supply of humanitarian aid material to migrants in Greece

 

Το Ομοσπονδιακό Υπουργείο Εξωτερικών στηρίζει τον Ερυθρό Σταυρό στην επιχείρηση βοήθειας σε πρόσφυγες στην Ελλάδα.

Embedded image permalink

 

 

 

 

 

 

2015-08-14: Greece is granted an 3-year ESM programme

 

#Eurogroup agreement on a three-year ESM stability support programme for #Greece europa.eu/rapid/pressRel…

 

#Eurogroup statement on the ESM programme for #Greece ow.ly/QVbbY

 

 

 

2015-08-14: Greek Parliament ratifies draft agreement for ESM program and votes legislative arrangements for program implementation

 

(after a marathon all-night session)

 

(Source: https://www.youtube.com/user/hellenicparliamenttv)

 

 

 

 

 

 

 

2015-08-13: ESM documents documents sent to EU Council

Statement on latest steps towards an ESM programme for #Greece http://europa.eu/!Md99Wm 

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 …

 

Ευρωπαϊκή Επιτροπή ‏@EEAthina 2015-08-13

.@JunckerEU: όλα τα έγγραφα για πρόγραμμα #ESM για την Ελλάδα έχουν σταλεί στο @EUCouncil ενόψει του #Eurogroup

Jean-Claude Juncker @JunckerEU
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 …
 
 

 

2015-08-11 | Greece ESM request: Agreement has been reached at technical level (Member State political approval requested)

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.

 
Briefing 2015-08-12 at following link.

Ενημέρωση @EU_Commission για την ολοκλήρωση τεχνικών συνομιλιών &επόμενα βήματα http://europa.eu/!rR79jq  #Greece @JunckerEU @fhollande #Merkel

 

 

Ευρωπαϊκή Επιτροπή ‏@EEAthina  Aug 11

.@A_Breidthardt: Συμφωνία σε τεχνικό επίπεδο.Παραμένουν κάποιες λεπτομέρειες.Ολοκλήρωση σήμερα. Επόμενο βήμα,αξιολόγηση σε πολιτικό επίπεδο.

 

 

2015-07-27. Towards State efficiency. Towards a "European narrative" for shared values and objectives in the EU. ECB's B. Cœuré interview in LeMonde

"The programme’s reforms (...) aim to create a modern and fairer fiscal, social and legal framework, and to build an efficient state that is able to intervene in the economy for the common good."

 

Towards a "European narrative" (citing Pascal Lamy) for shared values and objectives in the EU.

 

ECB ‏@ecb  2015-07-27

Interview Benoît Cœuré with Le Monde http://bit.ly/1LMGm49  (EN) http://bit.ly/1I4gVFe  (FR)

 

 

Συνέντευξη Benoît Cœuré στη Le Monde http://bit.ly/1gg5Wlb  (EL)

 

(Other languages available)

 

Greek President Pavlopoulos thanks French President Hollande for support in EuroSummit

 

http://www.amna.gr/english/articleview.php?id=10616

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.

 

En 1982, il y nommé maître de conférence avant de retourner, l'an suivant, à l'université d'Athènes, au sein de laquelle il enseigne désormais comme professeur agrégé.

 

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.

 

 

Greek citizens send flowers and thank you notes to French embassy for President's Hollande help at the Eurosummit

 

L’Ambassade de France à Athènes reçoit des fleurs et des remerciements pour l’aide du Président Hollande à la Grèce lors de l’EuroSommet du 12 juillet.

 

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

Σύνδεσμος

 

 

2015-07-23: Greek parliament votes 2nd law proposal related to the EuroSummit agreement (Civil Code, BRRD) (230 in favour, 63 against, 5 present)

 

Images from the law proposal debate at the Greek Parliament

https://www.facebook.com/media/set/?set=a.1018724901492515.1073742427.207015235996823&type=3

 

.@EU_Commission, @ecb & #IMF's first assessment:EL authorities legally implemented 2nd set of measures in timely+overall satisfactory manner

 

1η αξιολόγηση @EU_Commission,@ecb & #IMF:οι ελληνικές αρχές κατοχύρωσαν νομοθετικά 2η δέσμη μέτρων εγκαίρως&επαρκώς. https://twitter.com/mina_andreeva/status/624171569108135936 …

Mina Andreeva @Mina_Andreeva
.@EU_Commission, @ecb & #IMF's first assessment:EL authorities legally implemented 2nd set of measures in timely+overall satisfactory manner

 

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.

 

Margaritis Schinas @MargSchinas

.@MartinSelmayr & @JimmyJamar get inspiration from same source. Certainly a positive sign. twitter.com/jimmyjamar/sta… twitter.com/martinselmayr/…

 

https://en.wikipedia.org/wiki/Justus_Lipsius_building

The Justus Lipsius building is a building in Brussels (Belgium) that has been the headquarters of the Council of the European Union since 1995.

The building is located (…) opposite the Berlaymont building of the European Commission.

 
 
 

Δημοσίευση νόμου 4335/2015 στην Εφημερίδα της Κυβερνήσεως

http://www.et.gr/index.php/daily-publications

Ημερομηνία Κυκλοφορίας

ΤΕΥΧΟΣ ΠΡΩΤΟ (A) - 1 Φύλλο 

ΦΕΚ A 87 - 23.07.2015 Σελίδες 120 (795 - 914)

 

 

One single reform, bank cards versus cash transactions, can provide revenue of 8 bn Euros annually

Charilaos Charisis @CCharisis Chairman of NATO International Board of Auditors

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

 

 

Greek authorities legislative work in accordance with the 13th July Eurosummit agreement

(English version follows)

 

Νομοθετικό έργο που αφορά στη συμφωνία της Συνόδου Κορυφής της Ευροζώνης της 12ης Ιουλίου

 

Σύνδεσμος από τη Βουλή των Ελλήνων - Πρόσβαση στα αρχεία του νομοσχεδίου που θα τεθεί προς ψήφιση στις 22 Ιουλίου (pdf)

ΝΟΜΟΘΕΤΙΚΟ ΕΡΓΟ

Τίτλος
 
Επείγοντα μέτρα εφαρμογής του ν. 4334/2015 (Α΄ 80)
Τύπος
 
Σχέδιο νόμου
Φάση Επεξεργασίας
 
Κατατεθέντα
Ημερ/νια Φάσης επεξεργασίας
 
20/07/2015
Το φωτοτυπημένο σ/ν ή π/ν
δεν αποτελεί το τελικό κείμενο διότι εκκρεμούν
ορθογραφικές και συντακτικές διορθώσεις
  
Ημ. Κατάθεσης
 
20/07/2015

 

 
Αποσπάσματα:

(Προαπαιτούμενο προς φήφιση) έως τις 22 Ιουλίου

• η θέσπιση του κώδικα πολιτικής δικονομίας, η οποία αποτελεί μείζονα αναδιάρθρωση των διαδικασιών και των ρυθμίσεων του συστήματος πολιτικής δικαιοσύνης και μπορεί να επιταχύνει σημαντικά τη δικαστική διαδικασία και να μειώσει τις δαπάνες·
• η μεταφορά στο εθνικό δίκαιο της οδηγίας για τη θέσπιση πλαισίου για την ανάκαμψη και την εξυγίανση πιστωτικών ιδρυμάτων και επιχειρήσεων επενδύσεων (BRRD) με τη συνδρομή της Ευρωπαϊκής Επιτροπής. 
 
Οδηγία 2014/59/ΕΕ του Ευρωπαϊκού Κοινοβουλίου και του Συμβουλίου, της 15ης Μαΐου 2014, για τη θέσπιση πλαισίου για την ανάκαμψη και την εξυγίανση πιστωτικών ιδρυμάτων και επιχειρήσεων επενδύσεων
 

(Σημείωση: Το έργο που ψηφίστηκε στις 16 Ιουλίου αποτέλεσε το νόμο του κράτους 4334/2015)

έως 15 Ιουλίου
• ο εξορθολογισμός του συστήματος ΦΠΑ και η διεύρυνση της φορολογικής βάσης για αύξηση των εσόδων·
• άμεσα μέτρα για τη βελτίωση της μακροπρόθεσμης βιωσιμότητας του συνταξιοδοτικού συστήματος ως μέρος συνολικού προγράμματος μεταρρύθμισης των συντάξεων·
• η διασφάλιση της πλήρους νομικής ανεξαρτησίας της ΕΛ.ΣΤΑΤ·
• η πλήρης εφαρμογή των σχετικών διατάξεων της Συνθήκης για τη σταθερότητα, τον συντονισμό και τη διακυβέρνηση στην Οικονομική και Νομισματική Ένωση, κυρίως με την έναρξη λειτουργίας του Δημοσιονομικού Συμβουλίου πριν από την οριστικοποίηση του Μνημονίου Συνεννόησης και με την εισαγωγή ημιαυτόματων περικοπών δαπανών σε περίπτωση παρεκκλίσεων από φιλόδοξους στόχους πρωτογενούς πλεονάσματος αφού ζητηθεί η γνώμη του Δημοσιονομικού Συμβουλίου και με την επιφύλαξη προηγούμενης έγκρισης από τους θεσμούς· 

 

Δημοσίευση νόμου 4334/2015 στην Εφημερίδα της Κυβερνήσεως

 

Ημερομηνία Κυκλοφορίας

ΤΕΥΧΟΣ ΠΡΩΤΟ (A) - 1 Φύλλο
ΦΕΚ A 80 - 16.07.2015 Σελίδες 24 (745 - 768)

 

(παραπομπή εντοπισμού - σύνδεσμος)

 

Greek authorities legislative work in accordance with the 13th July Eurosummit agreement

 

NOW ONLINE: #EUROSUMMIT STATEMENT (PDF) http://ow.ly/PwsE4  #GREECE

 

Excerpt:

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.

 

Comments

(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"

 

EU Bank Recovery and Resolution Directive (BRRD): Frequently Asked Questions

 

 

Greece repays IMF, ECB, Bank of Greece: total of EUR 6.8bn

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 ‏@ecb  2015-07-20

ECB confirms it has been repaid. #Greece

 

IMF ‏@IMFNews  2015-07-20

Statement on repayment by Greece. http://ow.ly/PQb7c 

 

2015-07-17 Austrian Parliament votes in favour of ESM funding for Greece

Link Österreichisches Parlament

 

 

 

2015-07-17 German Parliament (Bundestag) votes in favour of ESM funding for Greece

(439 in favour, 119 against, 40 abstained)

German Parliament voted to support #Greece with great majority. #Bundestag

 

[German Embassy in Greece] 

Finanzhilfen für #Griechenland: #Bundestag stimmt mit großer Mehrheit für Verhandlungsmandat http://bit.ly/1M9h27r 

(Tweet includes link to Bundestag)

 

 

2015-07-17 ESM Board approves "to grant in principle a 3-year ESM stability support to Greece". Negotiations to begin.

Call ESM has finished, also call of #Eurogroup. Outcome first call on ESM website, statement #Eurogroup will be published shortly #Greece

 

 

 

EU Council Press @EUCouncilPress 2015-07-17
#Eurogroup’s statement following today’s teleconference on #Greece http://ow.ly/PKs1t 

 

 

2015-07-17: EU Council grants short-term financial assistance to Greece (bridge-financing) of €7.16bn via EFSM

Council approves €7bn bridge loan to #Greece http://ow.ly/PK1J6 

Excerpt:

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).

 

 

 

2015-07-16: Eurogroup decides "to grant in principle a 3-year ESM stability support to Greece"

Statement #Eurogroup after teleconference today #Greece consilium.europa.eu/en/press/press…

 

 

2015-07-16: Greek parliament votes 1st law proposal based on the EuroSummit agreement (229 in favour, 64 against, 6 present)

 

2015-07-15: Assessment of Greece's request for ESM support published by European Commission

 

DG ECFIN ‏@ecfin  Jul 15

Assessment of #Greece's request for #ESM - http://europa.eu/!Nw67KQ 

 
DG ECFIN retweeted

Ευρωπαϊκή Επιτροπή ‏@EEAthina  Jul 15

Δημοσιεύθηκε η αξιόλογηση της @EU_Commission για το αίτημα της Ελλάδας στον #ESM#Greece @ESM_Press @ecfin

Simon O'Connor @socbxl

The @EU_Commission assessment of #Greece's request for an ESM programme has been published. http://europa.eu/!Nw67KQ  @ecfin @EEAthina

 

Comments from www2.information-book.com

  • Funding that actually postpones loans disbursements (35.9bn) and interest payments (17.8bn) for three years, total of ~€54bn
  • Bank recapitalisation €25 bn
 
Excerpts
2.1 Risks to the financial stability of Greece
"In view of this, it is necessary to agree on an adequate capital backstop* to restore the confidence of depositors and markets in Greek banks and safeguard financial stability in Greece."
* backing  (Link)
 
2.2 Risks to the financial stability of the euro area and other Member States 
A series of factors that decrease the risk is cited before mentioning the following:
"Greek banks still have a number of branches and subsidiaries in other countries which could cause spillover effects."
"Besides the specific impact on other countries through the banking/financial sector, banks throughout the euro area might also see their ability to raise unsecured funding deteriorate; and there might be a negative impact on the funding outlook of other sovereigns"
 
3. Assessment of whether public debt is sustainable 
"Hence, the sustainability of Greece's public debt has significantly deteriorated compared to the DSA published in the April 2014 Compliance Report prepared by the Commission in liaison with the ECB."
 
"Conclusion: The high debt to GDP and the gross financing needs resulting from this analysis point to serious concerns regarding the sustainability of Greece's public debt."
 
4. Assessment of the actual or potential financing needs of Greece 

 

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.

http://ec.europa.eu/economy_finance/assistance_eu_ms/documents/2015-07-10_greece_art__13_eligibility_assessment_esm_en.pdf

 

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.

 

 

2015-07-15: Short-term financial assistance to Greece (bridge-financing) - proposal of loan of EUR 7 billion by the European Commission 

.@EU_Commission proposals for short term finan assistance & approval of adjustment prog for #Greece can be seen here: http://europa.eu/!Nw67KQ 

 

As outlined in the Commission's proposal for a Council implementing decision on granting short term Union financial assistance to Greecepdf(129 kB) Choose translations of the previous link 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.

 

2015-07-15/16: French and Finnish Parliament vote in favour of ESM Funding for Greece

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)

#DirectAN l'Assemblée s'est prononcée POUR l'accord européen sur #Grece : 412 députés ont voté "pour" ; 69 "contre" et 49 se sont abstenus

 

 

 

2015-07-14: EuroSummit agreement and law proposals with specific measures based on the agreement are submitted to the Greek Parliament  

Link to Greek Parliament site and documents

 

 
 

2015-07-13: EuroSummit approves Greece's request for support by the ESM

 

 
 EU Council Press and ESM have retweeted:

EuroSummit has unanimously reached agreement. All ready to go for ESM programme for #Greece with serious reforms & financial support

 

 

From EU Council tweet:

Euro Summit, 12/07/2015

 

Finance ministers will as a matter of urgency discuss how to help #Greece meet her financial needs in the short term (bridge financing).

 

Following national procedures, the #Eurogroup will work with the Institutions to swiftly take forward the negotiations. #Greece

 

 

 

NOW ONLINE: #EUROSUMMIT STATEMENT (PDF) http://ow.ly/PwsE4  #GREECE

 

#Statement - Ολόκληρη η ανακοίνωση της #EuroSummit - #Greece http://ow.ly/PwsE4 

Embedded image permalink

 

Η Δήλωση της #EuroSummit στα Ελληνικά. #EuroSummit #Greece http://www.consilium.europa.eu/el/press/press-releases/2015/07/pdf/20150712-eurosummit-statement-greece/ …

 

Freshly updated FAQ on the relation / and after

 

 

 

2015-07-10: Greek parliament votes law proposal on policy reforms (251 in favour, 38 against, 8 present) and authorizes Prime Minister for further actions

 

2015-07-10: via Michel Reijns‏@MichelReijns (spokeperson for Eurogroup President) "Assessment of institutions under Article 13 of the ESM Treaty and initial review of the Greek proposals received bij #Eurogroup, meeting 3pm

 

 

2015-07-09: Policy conditionality is submitted to the Greek parliament in law proposal - Request for authorization to conclude the agreement with the creditors

 

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

Link to Law Proposal – 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.

 

Link to Law Proposal – Greek Parliament Site

2015-07-09: Greek government delivers policy conditionality (with respect to its EMS request for loan contract) to the Eurogroup (Eurozone Finance Ministers)

 Jeroen Dijsselbloem retweeted

Michel Reijns ‏@MichelReijns  2015-07-09

New Greek proposals received by #Eurogroup president @J_Dijsselbloem, important for institutions to consider these in their assessment

 

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)

 

2015-07-07: Greek government files for European Stability Mechanism (ESM) support. Policy conditionality to follow.

ESM ‏@ESM_Press  2015-07-08 | Chairperson of #ESM Board of Governors Jeroen Dijsselbloem asks Commission and ECB to assess Greek #ESM request http://goo.gl/TcfdDZ 

 

ESM retweeted  2015-07-08 | Michel Reijns ‏@MichelReijns : "Request for ESM support received from Greek government, will be dealt with EWG today. "

 

ESM ‏@ESM_Press  2015-07-08 | @ESM_Press received Greek request, in line with #ESM Treaty request is sent to Chairperson of #ESM Board of Governors @J_Dijsselbloem

 

2015-07-06: All greek party political leaders authorize Greek Prime Minister to proceed with policy conditionality that will lead to an agreement

Announcement (in Greek) after the meeting of political leaders of Greece held on 2015-07-06

http://www.viadiplomacy.gr/afto-ine-to-kino-anakinothen-ton-5-archigon-i-5-vasiki-axones-gia-simfonia/

 

auto-einai-to-koino-anakoinwthen-twn-5-arxigwn.w_l

 

Λόγος και δευτερολογία του Προέδρου Jean-Claude Junker στο Ευροκοινοβούλιο για την Ελλάδα 2015-07-06

Λόγος & δευτερολογία @JunckerEU στο @Europarl_EL#June #EUCO & #EuroSummit #Greece http://tinyurl.com/phl59os  @EP_Hellas

(Συμπεριλαμβάνεται μεταγραφή των ομιλιών)