The finance ministers of the euro zone this Thursday gave the green light to the disbursement of the seventh tranche in the amount of 758 million euros, related to debt relief measures, considering that Athens meets all the requirements.
The Eurogroup also gave a positive opinion to the assessment of Brussels, which considers that despite the “difficulties” caused by the pandemic and the war, Athens did not fail to meet the “commitments made”.
The ministers “took note” of the European Commission’s intention “not to prolong the enhanced surveillance” of Greece, which will expire on August 20, 2022.
“This, combined with the previous abolition of capital controls and the full repayment of IMF loans, would restore normal conditions in Greece for the first time since 2010”, reads the note issued at the end of the Eurogroup meeting, which took place in Luxembourg. .
message to the greeks
For the president of the Eurogroup, Pascal Donohoe, it is an “important moment” for Athens and for the single currency. But Donohoe also wanted to leave a message to the Greeks.
“I want to recognize on this enormously important day for Greece, also the years of difficulty for the Greek people, in the challenge that has involved reaching this point with great difficulty and cost”, he said.
“While we are here to recognize a very important economic development, I also want to be aware of many demanding moments for the Greeks, up to this point”, underlined the Irishman.
The Eurogroup followed the assessment in which the European Commission considers that Athens has taken all “the necessary actions” to respond to the commitments, “despite the difficult circumstances caused by the pandemic and now by the war”.
The president of the Eurogroup understands that the moment is to salute the country’s journey through more than a decade of crisis
“There are few forces more powerful than the combination of European solidarity and national governments with the support of the populations, putting into practice sensitive and effective decisions, which will work for the coming years”, he said, stressing that “the combination of these two circumstances brought us to a moment of progress that for many years would have seemed impossible”.
The European Commissioner for the Economy, Paulo Gentiloni admits that the remedy was not always the most appropriate and “the fact that we are moving towards a positive conclusion of this crisis, does not mean that in these 10 or 12 years there have been no mistakes”.
Gentiloni did not specify which errors he was referring to, preferring to say that “there are lessons” from the Greek crisis that provide the instruments for the crises of the present.
“Firstly, unity is ours. Secondly, the ability to make quick decisions. This has been the case on many occasions, but not always, during this crisis. And thirdly, the interaction between fiscal policy and monetary policy, which It was very important”, he pointed out.
Greece’s economic and financial situation will nevertheless continue to be monitored “in the context of post-surveillance program surveillance and the European Semester”.
“The ESM will continue to monitor Greece’s repayment capacity, under the Early Warning System, in accordance with existing provisions”, says the eurogroup’s final note, noting that “major reforms and investments would also continue to be monitored in the context of delivery of Greece’s recovery and resilience plan”