Finance ministers of euro area paved the way for the disbursement of almost €1 billion in aid to Greece following the Eurogroup meeting in Bucharest on Friday, 5 April.
“I think that the decision taken today by the Eurogroup gives a new and very strong signal to investors, to markets that this country is ... on the way forward to reform and modernise its economy on the one hand, and its European partners keep on supporting and are alongside Greece”, said Pierre Moscovici, European Commissioner for Economic and Financial Affairs.
This tranche corresponds to the profits made by the European Central Bank (ECB) and the national central banks on the SMP and ANFA operations to repurchase Greek public debt during the sovereign debt crisis, as well as the abolition of interest rate margins on debt repurchase tranches.
This aid, which was recorded during the agreement in June on Athen’s exit from the third and last bailout plan (see EUROPE 12046/1), was partly conditional on the implementation of reforms in Greece.
And while the March Eurogroup meeting could not record its disbursement (see EUROPE 12211/14), the publication by the Commission of the updated second Enhanced Surveillance Report for Greece on Wednesday, 3 April showed that measures had recently been taken by Athens, particularly with regard to the new main residence system (see EUROPE 12228/18).
“The Eurogroup welcomes the assessment by the European institutions that Greece has taken the necessary actions to achieve all specific reform commitments for end-2018 and that the necessary conditions are in place to confirm the release” of this tranche of aid, says the statement issued at the end of the meeting.
The Eurogroup Working Group and the Board of Directors of the European Financial Stability Facility (EFSF) are soon expected to record this disbursement. (Lucas Tripoteau and Marion Fontana)