Stournaras: For the moment we won the bet on the EAS

Finance Minister Yannis Stournaras expressed today from the Brussels his satisfaction for the approval of the 1 billion euros tranche to Greece from the Euroworking Group.
 
"A a difficult period for Greece has finished," he said, noting that this time the prerequisites were unprecedented, with EAS as the most difficult one. He added that an important role in fulfilling the prerequisites was played by the excellent cooperation of all ministries.
 
Continuing, Stournaras said that Troika is expected to return to Athens from 10-20 January, with the aim of reaching an agreement before the Eurogroup on January 27, to pave the way for approval of the next tranche of 4.9 billion euros.
 
Regarding the EAS, Stournaras said it was a complex issue. "I think we came to an agreement that meets the needs of National Defence, is compatible with the competition rules and answered the need for consolidating and non-retention of deficits. For now at least, we won the EAS bet, but whether the company is viable will be judged in December 2014."
 
As he said, the final agreement with the troika for EAS envisages a restructuring that allows the continuation of their operation with 3 factories by the end of 2014 and the possibility of exports. The agreed plan provides for the split of the company until May, in one political and one military part. The political one will go into immediate liquidation, while the military one will continue to operate. Furthermore, a voluntary termination was agreed (500 employees will remain from about 800), as well as the closure of a factory and the relocation of another one without any layoffs. If at the end of December 2014 the company is declared not viable, then it will follow the ELBO solution, ie liquidation in operation.