“Thanks to the comprehensive reforms that Greece has implemented in recent years, its economy has become much more dynamic and resilient, said Pierre Gramenia
Its board of directors European Financial Stability Fund (EFSF) decided today to reduce to zero the increased margin it has collected from Greece in the period between 17 June 2022 and 31 December 2022, as part of the medium-term debt relief measures agreed for the country in 2018.
The value of this eighth reduction amounts to 122.5 million euros. The Governing Council also decided to reduce the aid margin to zero from 1 January 2023 onwards. This completes the narrowing of the aid margin under the medium-term debt relief measures.
In addition, as part of the debt relief measures, the European Stability Mechanism (ESM), acting as the representative of the eurozone member states and after their approval, will disburse approximately 603 million euros to Greece. This amount corresponds to the income from participations in respect of Securities Purchase Program (SMP) and the Agreement on Net Financial Assets (ANFA).
“Greece has made steady progress in implementing reforms, while coping well with the challenges of the economic consequences of the war in Ukraine. The European institutions had issued a positive assessment of Greece’s reform commitments until autumn 2022. This cleared the way for the disbursement of this tranche of debt relief measures linked to commitments. The total value of all medium-term debt relief measures amounts to €11.5 billion,” said ESM and EFSF CEO Pierre Gramenia.
In addition, Mr. Gramenia stated the following: “Thanks to the comprehensive reforms that Greece has implemented in recent years, its economy has become much more dynamic and resilient. The country exited the enhanced supervision framework and economic growth was among the highest in the EU in 2022. Responsible and sustainable fiscal policy must remain a priority and further efforts must continue, in particular in the reduction and consolidation of non-performing loans , the liquidation of arrears, the reform of primary health care and labor legislation”.
RES-EMP
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