The Eurogroup congratulated the Greek authorities on Monday 30 November on the targeted emergency measures taken to cushion the macroeconomic shock of the Covid-19 pandemic.
Despite the difficult context, the Greek authorities have continued with structural reforms, in particular the adoption of a new insolvency framework, which the Eurogroup believes will address the key challenges inherent in the Greek financial sector. Public administration, tax collection, energy and health care are other sectors where reforms have advanced.
Nevertheless, euro area Finance Ministers call on the Greek government to maintain or even intensify the pace of reforms to create the conditions for a rapid return to growth.
On the basis of the European Commission’s 8th post-rescue plan macroeconomic surveillance report (see EUROPE 12604/1), they approve the release of a further tranche of financial assistance of €767 million corresponding to the profits made by the European System of Central Banks on the acquisition of Greek debt securities (SMP/ANFA operations) at the height of the sovereign debt crisis.
The next macroeconomic surveillance report will be published in February 2021. (Original version in French by Mathieu Bion)