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.

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