Commission welcomes Eurogroup agreement laying foundations for successful conclusion of stability support programme for Greece

The Commission welcomes the comprehensive agreement reached at the Eurogroup meeting in Luxembourg. Together, the different elements of this agreement will provide the basis for a successful conclusion of the stability support programme for Greece in August.

The agreement includes a credible package of measures that will reassure partners and investors that Greece’s debt is sustainable, thereby facilitating a return to market financing and allowing Greece to stand on its own two feet. It also allows for a disbursement of €15 billion which will, in part, be used to build up a cash buffer which will act as a backstop against future risks. The sacrifices and efforts of the Greek people in undertaking reforms have delivered real, tangible results allowing Greece to begin a new chapter with its place at the heart of the euro area and the European Union secured. Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs said: “The Eurogroup agreement achieves what we have been calling for: a credible, upfront set of measures, which will meaningfully lighten Greece’s debt burden, allow the country to stand on its own two feet, and reassure all partners and investors. Today, eight long years of crisis come to an end for Greece and, symbolically, for the euro area as a whole. Today a new chapter begins.” A series of factsheets on the stability support programme for Greece is available here. The Eurogroup statement on Greece is available here.