Eurogroup expresses ‘satisfaction’ with Greece over February targets

Euro area finance ministers meeting in Brussels expressed their “satisfaction” with Greece for meeting the targets for February set out in its second bailout agreement with international creditors, but said that the disbursement of the next tranche of funding, worth 2.8 billion euros, will depend on whether Athens achieves targets set for March.

“The Eurogroup notes with satisfaction that the MoU milestone for February, agreed between Greece and the troika, has been achieved,” a statement issued following Monday’s meeting said. “In particular, the medium-term fiscal strategy has been updated, introducing three-year expenditure ceilings for line-ministries and the health sector.

“Moreover, the Eurogroup welcomes that, going beyond the requirements of the milestone, Greece also prepared monthly targets for the largest state-owned enterprises (SOEs) with a view to later extending them to all SOEs. This step further safeguards the delivery of fiscal commitments and represents a sign of strong program ownership.”

The statement goes on to call “on the Greek authorities to keep the reform momentum and, in particular, to fully implement the agreed milestones for March, as a precondition for the disbursement of a further sub-tranche of 2.8 billion euros under the second installment” of bailout funding.

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