Euro area finance ministers approved on Wednesday, December 4, the granting of €767 million in aid to Greece from the profits made by the central banks of the Nineteen from the acquisition of Greek public debt securities at the height of the sovereign debt crisis (SMP and ANFA operations).
Provided for in the June 2018 agreement on the finalisation of the 3rd Greek rescue plan (see EUROPE 12046/1), this decision was possible after Athens' creditors noted that Greece had respected its budgetary commitments in 2019 and committed itself to do the same in 2020 by maintaining a primary budget surplus (excluding debt service) above 3.5% of GDP.
In response to a Greek request, the Eurogroup gave the green light for technical work to be carried out, so that the envelope could be used to service debt or to finance mutually agreed investments between Athens and its creditors.
The Eurogroup calls on the Greek authorities to continue and even accelerate agreed reforms and standardisation measures, such as the reduction of public service arrears, privatisation and the rapid abolition of state financial guarantees. It welcomes the new government's commitment not to continue the programme to protect primary residences after the spring of 2020.
See the Eurogroup press release: http://bit.ly/2Lp0Pkt (Original version in French by Mathieu Bion)