The Eurogroup urged Greece to help implement the program of economic assistance


Moscow. November 10. Great progress was made by Greece, and considerable work done in terms of implementation of the programme of economic recovery, said in Brussels after the meeting of the Eurogroup, its Chairman Jeroen deysselblum on Monday night.

“This was highlighted by all parties. So there is very good news,” – said Deysselblum, referring to the information of the European Commission, the European Central Bank, the IMF and the European stability mechanism (ESM).

According to him, the Eurogroup praised “the ongoing recapitalization of Greek banks”. “There is also a lot of work. The amount of recapitalization is less than previously expected, the process rate is satisfactory and it runs smoothly,” – said Deysselblum.

The next thing to do, in his opinion, is to implement all measures of the financial sector to complete the process of recapitalization. He said that the Minister of Finance of Greece Euclid Tsakalotos has made a commitment to achieve this.

In the opinion of the people, remain open questions as to what to do with non-performing loans and, more specifically, with the insolvency of families.

So still have to finish this work, to achieve agreement on these issues. This work should be completed within the next week that you need to complete the process of recapitalization, he said.

The head of the Eurogroup recalled that a separate account has been transferred ESM 10 billion euros, which will be used at the right moment for the process of recapitalization. “But, of course, there are a number of conditions that must be met in order for this to be done,” he said.

Deysselblum again pointed to two key questions – control of banks and payment the failure of families. Regarding their conditions must be met in the coming days. The working group is mandated to meet again no later than early next week to take stock of the compliance report of institutions.

He expressed the hope that the entire first set of measures will be implemented, but will be resolved some key issues relating to the management of banks that will enable the working group to reach a decision, followed by a meeting of the Board of governors of the ESM. It is their decision it is necessary to allocate 10 billion euros. The head of the Eurogroup expects that all this can be done in time.

In turn, member of the European Commission for economy and Finance Pierre Moscovici said, referring to his recent visit to Athens that “cooperation with the Greek authorities, indeed, successful.”

“Our teams are working day and night – and I’m not exaggerating – to reach agreement on outstanding positions,” said Moscovici, noting the “indisputable progress”.

“There remain points that need to be closed. Everyone needs to take the last effort to reach these goals in the coming days,” said the Commissioner.

Moscovici believes that “it is possible to find a solution acceptable to all and, most importantly, effective.”