Read Statement on Greece 21 October 11 final text version

21 October 2011

Communiqué by the Eurogroup on the Greek Economic Adjustment Programme

We have examined the results of the fifth review of the economic adjustment programme for Greece, on the basis of the Compliance Report from the European Commission and the joint Debt Sustainability Analysis from the Troika (the European Commission, the International Monetary Fund and the European Central Bank). We note that the macroeconomic situation has deteriorated since the fourth review and that economic challenges remain large. We welcome the substantial fiscal consolidation efforts undertaken by the Greek government, which will allow it to meet the targets for 2012. We in particular welcome the measures approved by the Greek parliament yesterday. We call on the Greek authorities to make further progress with the implementation of structural reforms and the privatisation programme.

We have agreed to endorse the disbursement of the next tranche of financial assistance to Greece in the context of the current economic adjustment programme. The disbursement is expected to take place in the first half of November, pending the approval by the Board of the International Monetary Fund. Furthermore, in order to ensure debt sustainability, we will conclude a second economic adjustment programme for Greece, with an appropriate combination of additional new official financing and private sector involvement.

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Statement on Greece 21 October 11 final

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