Τρίτη, 21 Φεβρουαρίου 2012

ΑΥΤΑ ΥΠΟΓΡΑΨΑΜΕ....


Eurogroup statement 
The Eurogroup welcomes the agreement reached with the Greek government on a policy 
package that constitutes the basis for the successor programme. We also welcome the 
approval of the policy package by the Greek parliament, the identification of additional 
structural expenditure reductions of € 325 million to close the fiscal gap in 2012 and the 
provision of assurances by the leaders of the two coalition parties regarding the 
implementation of the programme beyond the forthcoming general elections.  
This new programme provides a comprehensive blueprint for putting the public finances and 
the economy of Greece back on a sustainable footing and hence for safeguarding financial 
stability in Greece and in the euro area as a whole. 
The Eurogroup is fully aware of the significant efforts already made by the Greek citizens but 
also underlines that further major efforts by the Greek society are needed to return the 
economy to a sustainable growth path.  
Ensuring debt sustainability and restoring competiveness are the  main goals of the new 
programme. Its success hinges critically on its thorough implementation by Greece. This 
implies that Greece must achieve the ambitious but realistic fiscal consolidation targets so as 
to return to a primary surplus as from 2013, carry out fully the privatisation plans and 
implement the bold structural reform agenda, in both the labour  market and product and 
service markets, in order to promote competitiveness, employment and sustainable growth.  
To this end, we deem essential a further strengthening of Greece's institutional capacity. We 
therefore invite the Commission to significantly strengthen its Task Force for Greece, in 
particular through an enhanced and permanent presence on the ground in Greece, in order to 
bolster its capacity to provide and coordinate technical assistance. Euro area Member States 
stand ready to provide experts to be integrated into the Task  Force. The Eurogroup also 
welcomes the stronger on site-monitoring capacity by the Commission to work in close and 
continuous cooperation with the Greek government in order to assist the Troika in assessing 
the conformity of measures that will be taken by the Greek government, thereby ensuring the 
timely and full implementation of the programme. The Eurogroup also welcomes Greece's 
intention to put in place a mechanism that allows better tracing and monitoring of the official 
borrowing and internally-generated funds destined to service Greece's debt by, under 
monitoring of the troika, paying an amount corresponding to the coming quarter's debt service 
directly to a segregated account of Greece's paying agent. Finally, the Eurogroup in this 
context welcomes the intention of the Greek authorities to introduce over the next two months 
in the Greek legal framework a provision ensuring that priority is granted to debt servicing 
payments. This provision will be introduced in the Greek constitution as soon as possible. The Eurogroup acknowledges the common understanding that has been reached between the 
Greek authorities and the private sector on the general terms of the PSI exchange offer, 
covering all private sector bondholders. This common understanding provides for a nominal 
haircut amounting to 53.5%. The Eurogroup considers that this agreement constitutes an 
appropriate basis for launching the invitation for the exchange  to holders of Greek 
government bonds (PSI). A successful PSI operation is a necessary condition for a successor 
programme. The Eurogroup looks forward to a high participation of private creditors in the 
debt exchange, which should deliver a significant positive contribution to Greece's debt 
sustainability.  
The Eurogroup considers that the necessary elements are now in place for Member States to 
carry out the relevant national procedures to allow for the provision by EFSF of (i) a buy back 
scheme for Greek marketable debt instruments for Eurosystem monetary policy operations, 
(ii) the euro area's contribution to the PSI exercise, (iii) the repayment of accrued interest on 
Greek government bonds, and (iv) the residual (post PSI) financing  for the second Greek 
adjustment programme, including the necessary financing for recapitalisation of Greek banks 
in case of financial stability concerns.  
The Eurogroup takes note that the Eurosystem  (ECB and NCBs) holdings of Greek 
government bonds have been held for public policy purposes. The Eurogroup takes note that 
the income generated by the Eurosystem holdings of Greek Government bonds will contribute 
to the profit of the ECB and of the NCBs. The ECB’s profit will be disbursed to the NCBs, in 
line with the ECB’s statutory profit distribution rules. The NCBs’ profits will be disbursed to 
euro area Member States in line with the NCBs’ statutory profit distribution rules.  
• The Eurogroup has agreed that certain government revenues that emanate from the SMP 
profits disbursed by NCBs may be allocated by Member States to further improving the 
sustainability of Greece's public debt. All Member States have agreed to an additional 
retroactive lowering of the interest rates of the Greek Loan Facility so that the margin 
amounts to 150 basis points.  There will be no additional compensation for higher funding 
costs. This will bring down the debt-to-GDP ratio in 2020 by 2.8pp and lower financing 
needs by around 1.4 bn euro over the programme period. National procedures for the 
ratification of this amendment to the Greek Loan Facility Agreement need to be urgently 
initiated so that it can enter into force as soon as possible. 
• Furthermore, governments of Member States where central banks currently hold Greek 
government bonds in their investment portfolio commit to pass on to Greece an amount 
equal to any future income accruing to their national central bank stemming from this 
portfolio until 2020. These income flows would be expected to help reducing the Greek 
debt ratio by 1.8pp by 2020 and are estimated to lower the financing needs over the 
programme period by approximately 1.8 bn euro. The respective contributions from the private and the official sector should ensure that 
Greece's public debt ratio is brought on a downward path reaching 120.5% of GDP by 2020. 
On this basis, and provided policy conditionality under the programme is met on an ongoing 
basis, the Eurogroup confirms that euro area Member States stand ready to provide, through 
the EFSF and with the expectation that the IMF will make a significant contribution, 
additional official programme of up to 130 bn euro until 2014.  
It is understood that the disbursements for the PSI operation and the final decision to approve 
the guarantees for the second programme are subject to a successful PSI operation and 
confirmation, by the Eurogroup on the basis of an assessment by the Troika, of the legal 
implementation by Greece of the agreed prior actions. The official sector will decide on the 
precise amount of financial assistance to be provided in the context of the second Greek 
programme in early March, once the results of PSI are known and the prior actions have been 
implemented.  
We reiterate our commitment to provide adequate support to Greece during the life of the 
programme and beyond until it has regained market access, provided that Greece fully 
complies with the requirements and objectives of the adjustment programme. 

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