Vice-President Rehn's remarks on Greece at the Eurogroup press conference

27 November 2012

"Today's political agreement removes the uncertainty that has been hanging over Greece for too long, holding back confidence, investment and growth."

"I want to express my sincere thanks and highest appreciation to the euro area Member States for being able to take very difficult decisions tonight – and also to our partners, the IMF and ECB.

Today's political agreement removes the uncertainty that has been hanging over Greece for too long, holding back confidence, investment and growth. For the eurozone this was a real test of our credibility, of our ability to take decisions on the most challenging of issues. And it was a test that we could simply not afford to fail. When you read the statement, you can see that there is a very clear commitment to reduce the debt burden of Greece by 20 percentage points by 2020, and I would like to especially draw your attention to two or three elements that Jean-Claude Juncker mentioned.

And finally, it should be made clear that today's agreement was made possible because Greece has shown that it is serious about reform. Greece has kept its commitments, it has made tough choices and I am fully aware of how difficult the present situation is for the Greek people.

But the measures that are being taken are transforming the competitiveness of the Greek economy. Greece has already come a very, very long way, and tonight the Eurogroup has rightly recognised that.

It is clear that the Greek government is now fully determined to ensure that the programme remains on track. The Commission will continue to support Greece in its efforts to reform, which must continue with the same determination as Greece has shown in recent months."

Press release


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