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Full Eurogroup Statement On Greece - Redline Comparison With Previously Rejected Statement
Just out from the Eurogroup, the final statement. Bottom line: Greece caves on pretty much everything, however it has two semantics successes: the dreaded "Troika" words has been replaced with "institutions" and "current programme" has been changed to "current arrangement" - surely nobody will notice. Sarcasm aside, Greece has just kicked the can for four months. Why four months? Because that's just ahead of the big Greek debt maturity.
Eurogroup statement on Greece
The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. During the last few weeks, we have, together with the institutions, engaged in an intensive and constructive dialogue with the new Greek authorities and reached common ground today.
The Eurogroup notes, in the framework of the existing arrangement, the request from the Greek authorities for an extension of the Master Financial Assistance Facility Agreement (MFFA), which is underpinned by a set of commitments. The purpose of the extension is the successful completion of the review on the basis of the conditions in the current arrangement, making best use of the given flexibility which will be considered jointly with the Greek authorities and the institutions. This extension would also bridge the time for discussions on a possible follow-up arrangement between the Eurogroup, the institutions and Greece.
The Greek authorities will present a first list of reform measures, based on the current arrangement, by the end of Monday February 23. The institutions will provide a first view whether this is sufficiently comprehensive to be a valid starting point for a successful conclusion of the review. This list will be further specified and then agreed with the institutions by the end of April.
Only approval of the conclusion of the review of the extended arrangement by the institutions in turn will allow for any disbursement of the outstanding tranche of the current EFSF programme and the transfer of the 2014 SMP profits. Both are again subject to approval by the Eurogroup.
In view of the assessment of the institutions the Eurogroup agrees that the funds, so far available in the HFSF buffer, should be held by the EFSF, free of third party rights for the duration of the MFFA extension. The funds continue to be available for the duration of the MFFA extension and can only be used for bank recapitalisation and resolution costs. They will only be released on request by the ECB/SSM.
In this light, we welcome the commitment by the Greek authorities to work in close agreement with European and international institutions and partners. Against this background we recall the independence of the European Central Bank. We also agreed that the IMF would continue to play its role.
The Greek authorities have expressed their strong commitment to a broader and deeper structural reform process aimed at durably improving growth and employment prospects, ensuring stability and resilience of the financial sector and enhancing social fairness. The authorities commit to implementing long overdue reforms to tackle corruption and tax evasion, and improving the efficiency of the public sector. In this context, the Greek authorities undertake to make best use of the continued provision of technical assistance.
The Greek authorities reiterate their unequivocal commitment to honour their financial obligations to all their creditors fully and timely.
The Greek authorities have also committed to ensure the appropriate primary fiscal surpluses or financing proceeds required to guarantee debt sustainability in line with the November 2012 Eurogroup statement. The institutions will, for the 2015 primary surplus target, take the economic circumstances in 2015 into account.
In light of these commitments, we welcome that in a number of areas the Greek policy priorities can contribute to a strengthening and better implementation of the current arrangement. The Greek authorities commit to refrain from any rollback of measures and unilateral changes to the policies and structural reforms that would negatively impact fiscal targets, economic recovery or financial stability, as assessed by the institutions.
On the basis of the request, the commitments by the Greek authorities, the advice of the institutions, and today's agreement, we will launch the national procedures with a view to reaching a final decision on the extension of the current EFSF Master Financial Assistance Facility Agreement for up to four months by the EFSF Board of Directors. We also invite the institutions and the Greek authorities to resume immediately the work that would allow the successful conclusion of the review.
We remain committed to provide adequate support to Greece until it has regained full market access as long as it honours its commitments within the agreed framework.
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For those curious how the accepted by Greece memorandum looks like when compared to the draft Greece rejected on Monday, here is the answer:
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Video just out of behind the scenes discussions
https://www.youtube.com/watch?v=PUQghiaG4cU
What a load of bulls shit.......
LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLO
I knew from the ladder in her stockings that some dirty fucker had breached her earlier that evening and found myself temporarily impotent.
The newly elected Greek Leaders just agreed for their citizens to continue taking it up the ass from the bankers and the frauduelnt central banking system. They have defaulted a long time ago this is all for show and it will end badly for the people.
Greece still owes €320 billion.
And German taxpayers are still on the hook for €50 billion and French taxpayers on the hook for €40 billion.
People trying to make the Greeks into some kind of poetic heros, standing for liberty against the evil banksters, were bound to be disappointed. The Greeks are actually a bunch of whiny socialists, willing to mortgage their future to the banksters to keep their reduced ration of potage coming today. But the real idiots are the German and French taxpayers who, sooner or later, these deadbeats are going to stiff. Because, of course, the banksters aren't going to eat these crap loans. No way!
Lol! Almost had me for a minute there. Imagine that, me almost cheering or the communists! When it all comes down to it, the left wing are all puzzies; limp-wristed puzzies, every single one of them!
It takes the right-wing to get anything done...too bad they're all so damn "extreme" eh!
I'm mean really was anyone dumb enuff to think that anything would be resolved? if so
Mmmm. 4 months... Just time enough to get assistance from the then newly created Brics bank and prepare the real exit ?
In face of circumstances it seems a victory for the Greeks. Perhaps, by then, they may comfortably default in face of the giant maturities ahead and join the Eurasian Union. Talk of hibrid warfare and weapons of mass desrtruction.....Putin must be laughing like crazy !
Greeks are fuckin pussies!
No Guts, no glory! What a bunch of chicken shits!
I guess it was time to put up or shut up...Talk was cheap!
ready for the next get my hopes up event
this is what it feels like when you fuck a stranger in the ass, Tsipras