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17 December 2013

Statement by the President of the Eurogroup on Greece


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As Greece has achieved the four milestones agreed with the Troika institutions in the context of the third review of the Greek economic adjustment programme, the EFSF will disburse the second sub-tranche of the fifth instalment, amounting to €0.5 billion.


"The disbursement will take place in the course of this week. This disbursement releases the remaining amount of €0.5 billion related to the income that accrued on the SMP portfolio of euro area national central banks in 2012, which will be disbursed to Greece's segregated account.

I am confident that the Greek authorities will swiftly conclude their discussions with the Troika institutions in order to allow for a completion of the ongoing review of the country’s economic adjustment programme.

The milestones include a number of important reforms. First, Greece has placed over 12 500 public employees in the mobility scheme as part of the strategy to make the public administration more efficient. Second, Greece has taken adequate measures to significantly restructure or liquidate three state-owned companies which were intended for privatisation. Third, a Code of Lawyers was adopted to enhance the functioning of this regulated profession. Finally, Greece took the required steps to improve the financial situation of the two main water companies, by clearing government arrears, in order to facilitate their privatisation."

Press release


EFSF Board of Directors approves €500 million disbursement to Greece

Klaus Regling, CEO of the EFSF, said: “Greece is continuing to make progress in its adjustment process. This will help promote sustained economic development in the medium term”.

The disbursement of the €500 million to Greece will take place in the course of this week. The amount will allow the Greek government to cover budgetary financing needs.

Simultaneously with this EFSF disbursement to Greece, the European Stability Mechanism (ESM) will make available the remaining amount of €500 million related to the income that accrued on the SMP portfolio of euro area national central banks in 2012.

After the present EFSF disbursement, total EFSF financial assistance for Greece will reach €133.6 billion, with €10.2 billion remaining to be disbursed.

Full press release



© European Council


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