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EurogroupGreeceEurogroup: Greece meets conditions to receive 10 bln euros for bank recap
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Greece has met all the conditions required to disburse up to 10 billion euros in funds to recapitalize its lenders, the Eurogroup concluded on Monday, according to a statement released earlier.
“The Eurogroup welcomes the completion by the Greek authorities of the first set of milestones and the financial sector measures that are essential for a successful recapitalization process,” the Eurogroup said.
“The EWG agreed, on the basis of a positive assessment of the European institutions, that the policy conditions, necessary to support the transfer of funds to the HFSF out of the 10 billion euros earmarked for bank recapitalization and resolution purposes, have been met by the Greek authorities,” it added, noting that the formal decision of the transfer of the funds to the HFSF will be taken by the ESM Board of Directors, following the relevant state aid decisions on a case-by-case basis.
It also urged Greek authorities to accelerate the work with the institutions on a second and final set of milestones under the first tranche and on the measures needed to complete the first programme review. “We welcome the commitment of the Greek authorities to finalise a second set of milestones by mid-December and to take all the necessary decisions needed to remove bottlenecks on key projects (including metro, motorways, environment) co-funded by the EU and EIB,” it added.