The European Stability Mechanism (ESM) will be able to disburse up to EUR 86 billion in loans over the next three years, provided that Greek authorities implement reforms to address fundamental economic and social challenges, as specified in the Memorandum of Understanding (MoU).
Following months of intense negotiations, the programme will help to lift uncertainty, stabilise the economic and financial situation and will assist Greece in its return to sustainable growth based on sound public finances, enhanced competitiveness, a functioning financial sector, job creation and social cohesion. The disbursement of funds is linked to progress in delivery. Implementation will be monitored by the Commission, in liaison with the European Central Bank and, wherever possible, together with the International Monetary Fund. This will take the form of regular reviews.
In line with President Jean-Claude Juncker's Political Guidelines, the Commission, as a partner in the negotiations, has paid particular attention to the social fairness of the new programme to ensure that the adjustment is spread equitably and to protect the most vulnerable in society. The Commission published an assessment of the programme's social impact and concludes that, if implemented fully and timely, the measures foreseen in the programme will help Greece return to stability and growth in a financially and socially sustainable way, and will contribute to meet the most pressing social needs and challenges in Greece.
Full press release
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