The statement of the 17 eurogroup ministers
The statement of the 17 eurogroup ministers
It took 14 hours of negotiations, which were completed shortly before 6 a.m. Tuesday (Greek local time), for the 17 Eurozone finance ministers and the general director of the IMF Christine Lagarde to agree on the new loan program for the Greek economy until 2014. The meeting was attended by PM Lucas Papademos, who was the head of the Greek delegation.
UPD:
It took 14 hours of negotiations, which were completed shortly before 6
a.m. Tuesday (Greek local time), for the 17 Eurozone finance ministers
and the general director of the IMF Christine Lagarde to agree on the
new loan program for the Greek economy until 2014. The meeting was
attended by PM Lucas Papademos, who was the head of the Greek
delegation.
The other 16 Eurozone countries agreed to offer Greece loans totaling 130 billion euros, through thEFSF, until 2014 to refinance old loans. The Finance ministers expressed the hope that the IMF will also contribute significantly to the economic program of Greece.
The Eurogroup also agreed on the basic parameters of the exchange program of the Greek state bonds. The bid that will be made to holders of old bonds provides that individuals will accept losses at 53.5% of the nominal value of the bonds they hold.
"The PSI will start tomorrow morning," said Evangelos Venizelos, and announced that the exchange will be complete for the better part in the first half of March. "The PSI will be fully completed in the first week of April", he added.
Venizelos also asked for "the start of the movement to return the deposits to Greece."
The new loan program attempts to put the Greek economy back on a sustainable course. However, the Eurogroup noted that it "will require further efforts by the Greek society for the Greek economy to return to a sustainable development course."
The other 16 Eurozone countries agreed to offer Greece loans totaling 130 billion euros, through thEFSF, until 2014 to refinance old loans. The Finance ministers expressed the hope that the IMF will also contribute significantly to the economic program of Greece.
The Eurogroup also agreed on the basic parameters of the exchange program of the Greek state bonds. The bid that will be made to holders of old bonds provides that individuals will accept losses at 53.5% of the nominal value of the bonds they hold.
"The PSI will start tomorrow morning," said Evangelos Venizelos, and announced that the exchange will be complete for the better part in the first half of March. "The PSI will be fully completed in the first week of April", he added.
Venizelos also asked for "the start of the movement to return the deposits to Greece."
The new loan program attempts to put the Greek economy back on a sustainable course. However, the Eurogroup noted that it "will require further efforts by the Greek society for the Greek economy to return to a sustainable development course."
According to the 17 finance ministers, the main aims of the programme are to ensure the viability of the Greek debt and restore the competitiveness of the Greek economy.
The Eurogroup also decided to create a permanent mechanism for stronger control and continuous monitoring of the budgetary volumes and the agreed changes. This mechanism will be installed in Greece.
Greek authorities pledged to adopt a provision in the next two months that they will give priority to the repayment of the debt. This commitment is to be inserted in the Greek constitution as soon as possible.
The Eurogroup also decided to create a permanent mechanism for stronger control and continuous monitoring of the budgetary volumes and the agreed changes. This mechanism will be installed in Greece.
Greek authorities pledged to adopt a provision in the next two months that they will give priority to the repayment of the debt. This commitment is to be inserted in the Greek constitution as soon as possible.
UPD:
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