ECONOMY

Eurogroup OKs easing of public debt

eurogroup-oks-easing-of-public-debt

As expected, Monday’s Eurogroup teleconference approved the new measures to ease the Greek debt to the tune of 767 million euros on the basis of the eighth enhanced surveillance report on Greece after its bailout.

The Greek authorities are praised in Monday’s statement “for the large set of timely, targeted and temporary support measures” for the economy against the impact of the pandemic.

The Eurogroup statement welcomed “the progress made with reform implementation in these difficult circumstances, in particular the adoption of the major reform of the Greek insolvency framework, which is expected to contribute to resolving the key challenges in the financial sector.” Other areas in which “good progress” has been achieved include public administration, the energy sector, public revenue and social welfare.

Greece is asked to maintain and – “where necessary” – enhance its reform efforts, so as to achieve a more dynamic recovery and improve the resilience of its economy. “We also call on the Greek authorities to address remaining vulnerabilities in the financial sector,” the Eurogroup said.