Jeroen Dijsselbloem clarifies Eurogroup’s position on the Greek programme and Greece’s financing needs

Appearing in front of the European Parliament’s Economic and Monetary Affairs Committee today, the Eurogroup President took the opportunity to clarify the situation with regard to the Greek programme and Greece’s financing needs.

06-9-2013 — /EuropaWire/ — He welcomed the real progress made by the Greek authorities to restore fiscal sustainability and to implement structural reforms to increase competitiveness. He was clear, however, that further progress was needed where reforms of the Greek public sector and tax administration were concerned.

The President of the Eurogroup stated that the review of the 2nd Greek programme taking place this month will provide the necessary overview of the programme’s implementation, including where its financing needs are concerned.

When the current programme ends, the Eurogroup President stated, it was “realistic to assume that additional support will be needed beyond the programme” and reminded MEPs of the Eurogroup’s commitment to “providing adequate support to Greece during the current programme and beyond, until is had regained market access, providing that Greece fully complies with the conditions of the programme” (cf. Eurogroup statement of 12 November 2012).

Measures that could be considered include a further reduction to the interest rates on the Greek loan facility and a lower co-financing requirement for structural funds.

More broadly the President of the Eurogroup set out his determination to fully exploit existing mechanisms to deliver improved economic and fiscal policy coordination across the euro area.  A Eurogroup meeting dedicated to discussing the Commission’s opinions on euro area member states’ draft budgets will take place in November.

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Jeroen Dijsselbloem