BUSINESS

Commission greenlights transfer of SMP/ANFA profits to Greece

TAGS: Finance, EU

The European Commission will ask eurozone finance ministers to approve the disbursement of 748 million euros in SMP and ANFA profits that European central banks made when buying Greek sovereign bonds, according to the sixth enhanced surveillance report by the European Union’s executive arm.

In comments made on Wednesday, the EU’s Economics Commissioner Paolo Gentiloni said the report “opens the door” for the transfer of the profits.

However, the report states that Greek authorities have already agreed that any money disbursed now will be used to cover the country’s current financial needs and that authorities will review in the fall whether future revenues will be used for public investment.

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