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Eurogroup intends to leave Greece under the tutelage of creditors after 2018 year

Eurogroup intends to leave Greece under the tutelage of creditors after 2018 year

Tags: Greece, the EU, Economy

Greece will be under the tutelage of international creditors and after the completion of the third aid program in 2018, Eurogroup chairman Jeroen Daiselblum told the Greek newspaper Nea on the eve of his visit to Athens.

Daiselblum 25 September will hold talks with Greek Finance Minister Euclid Cakalotos and his deputy Yorgos Juliarakis. Now Greece receives loans under the third aid program amounting to 86 billion euros in exchange for reforms and the policy of "tightening the belts." The program expires in August 2018 year.

"In all cases, we implemented surveillance programs after the end of the support programs, as it was in Ireland, Spain and Cyprus, and we will have a monitoring program in Greece, especially when there are loans that have a long maturity," Daiselblom said. Answering the question about the problem of reducing Greek debt, he said that according to the decisions taken in May, this option will be considered at the end of the program, if necessary and if the country fulfills its obligations.

Daiselblum noted that the withdrawal of Greece from memorandums with creditors in August 2018 is the common goal of both the Greek government and its European partners. "We need to ensure that Greece is fully prepared for its economy to enter an upward trend, and that economic stability and confidence will be guaranteed that the country will become economically independent," said Daiselblom.

The president of the Eurogroup recognized that the Greek economy "is getting better," but added that "it is important to guarantee conditions for political and economic stability and promote reforms both during the program and after August 2018."

In accordance with the article 14.1 of Regulation 472 / 2013 on financial and budgetary supervision in the euro area member countries, the member states "remain under guardianship (supervision) after the completion of the program until they pay at least 75% of the financial assistance received from one or several other EFSM, ESM or EFSF Member States. " This amount is currently estimated at 176 billion euros. According to observers, this means that Greece will remain under the tutelage of creditors for decades.

Gennady Melnik
RIA News
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