Commission signs three-year ESM stability support programme for Greece

The European Commission signs the Memorandum of Understanding (MoU) with Greece for a new stability support programme. Press Conference by CommissionerArias Cañete on preparation underway ahead of UN Climate Conference (COP 21) in Paris.

20150828 esm

Commissioner Arias Cañete during the press conference

The European Commission signed the Memorandum of Understanding (MoU) with Greece for a new stability support programme. The European Stability Mechanism (ESM) will be able to disburse up to EUR 86 billion in loans over the next three years, provided that Greek authorities implement reforms to address fundamental economic and social challenges, as specified in the MoU.

Following months of intense negotiations, the programme will help to lift uncertainty, stabilise the economic and financial situation and will assist Greece in its return to sustainable growth based on sound public finances, enhanced competitiveness, a functioning financial sector, job creation and social cohesion. The disbursement of funds is linked to progress in delivery. Implementation will be monitored by the Commission, in liaison with the European Central Bank and, wherever possible, together with the International Monetary Fund. This will take the form of regular reviews.

In line with President Jean-Claude Juncker’s Political Guidelines, the Commission, as a partner in the negotiations, has paid particular attention to the social fairness of the new programme to ensure that the adjustment is spread equitably and to protect the most vulnerable in society. The Commission published an assessment of the programme’s social impact and concludes that, if implemented fully and timely, the measures foreseen in the programme will help Greece return to stability and growth in a financially and socially sustainable way, and will contribute to meet the most pressing social needs and challenges in Greece.

Commissioner for Climate Action and Energy, Arias Cañete gave a press conference on the preparation underway ahead of the UN Climate Conference (COP 21) in Paris (30 November-11 December 2015). He also updated on the latest developments on the migration crisis.

Commissioner Cañete said: “Paris needs to send a credible signal to the world that governments are serious about fighting climate change”. He underlined that the Paris conference is a historic milestone and a unique opportunity to accelerate the shift to a low-carbon, climate-resilient global economy.

On migration CommissionerArias Cañete said that the aim is to turn the current urgent emergency solution for relocation and resettlement of persons in need of international protection into a permanent system for sharing responsibility and solidarity among Member States.

Read More…

 

About Us

 

News

Wednesday, 13 December 2017
The Business Councils of the European Chamber of Commerce in Hong Kong (ECC) have produced the ECC recommendations for the 2018 Budget Address. Read more...
Thursday, 23 November 2017
Today our Board of directors had lunch with the Honourable Mrs Carrie LAM CHENG Yuet-ngor, GBM, GBS Chief Executive of the Hong Kong Special Administrative RegionRead more...
Tuesday, 24 October 2017
The Financial Services Business Council of the European Chamber of Commerce in Hong Kong (EuroCham) launched a strategic concept paper, “Leading Asia’s Financial Future - Hong Kong Green Investment Bank”.Read more...
Friday, 6 October 2017
On 4th October the Intellectual Property Rights Business Council (IPRBC) held a roundtable meeting bringing together Hong Kong Customs, logistic operators and IPRBC members.Read more...
Friday, 29 September 2017
The Financial Services Business Council is proud to announce that we have launched a 2017 FSBC Asset Management Paper.Read more...
Friday, 21 July 2017
On the 20th July the Financial Services Business Council (FSBC) held a networking drinks event at Beef & Liberty.Read more...
Monday, 9 January 2017
The European Chamber of Commerce in Hong Kong is turning 20 this year! To celebrate this grand occasion our Anniversary Cocktail will be held on 22nd September 2017 at the luxurious Island Shangri-La, Hong Kong. This will be an excellent opportunity to network with a large number of high profile individuals and representative from the international business community in Hong Kong. Read more...
Monday, 8 May 2017
Join the European Pavilion at the Eco Expo Asia 2017Read more...
Wednesday, 24 May 2017
Following the recent Mobile World fair in Barcelona (27 February - 2 March 2017), the ITCBC organized a peer-to-peer exchange to catch up on the latest trends and developments. The event was led by the ITCBC members who made the trip to the Mobile World fair.Read more...
Friday, 21 April 2017
On 21 April 2017, the Financial Services Business Council of the European Chamber of Commerce in Hong Kong (FSBC) organised breakfast seminar called the "Opportunities for FinTech presented by the EuroCham Financial Services Business Council". Read more...

Headlines from Europe

Thursday, 27 August 2015
President Jean-Claude Juncker received the President of Ukraine Petro Poroshenko for bilateral talks taking in several matters including concerns...
Read more
Thursday, 20 August 2015
The European Commission signs the Memorandum of Understanding (MoU) with Greece for a new stability support programme. Press Conference by...
Read more
Friday, 7 August 2015
European Commission - Press release EU and Vietnam reach agreement on free trade deal Brussels, 04 August 2015 Today the EU and Vietnam have reached...
Read more
Wednesday, 5 August 2015
European Commission - Press release New EU funding to strengthen security sector and support socio-economic and regional development in Tunisia...
Read more
Monday, 3 August 2015
European Commission - Daily News Daily News 31 / 07 / 2015 Brussels, 31 July 2015 New EU funding of €116.8 million to strengthen security sector...
Read more
Friday, 17 July 2015
The Cypriot economy, energy questions and progress in the Cyprus talks featured high on the agenda of this visit of President Juncker. The President...
Read more
Tuesday, 14 July 2015
International Cooperation and Development Commissioner Neven Mimica takes part in the Third International Conference on Financing for Development...
Read more
Monday, 13 July 2015
In the early morning of 13 July, the Euro summit agreed to start negotiations on a support programme for Greece under the European Stability...
Read more
Tuesday, 30 June 2015
Commission proposals to end huge telephone bills while on holiday and poor Internet connections finally to become a reality. Almost two years after...
Read more

Join us on:


 

 

This website has been funded with the assistance of the European Union.

The contents of this website are the sole responsibility of the European Chamber of Commerce and can in no way be taken to reflect the views of the European Union.

 

© 2010-2017 European Chamber of Commerce Hong Kong. All Rights Reserved.