The European Commission is "giving the green light" for the release of an amount of 748 million euros to Greece, from the Eurogroup, based on the 14th report of post-memorandum enhanced supervision that was published today.
In the report, the Commission notes that Greece has taken the necessary steps to reach the agreed commitments, despite the difficult conditions caused by the economic consequences of the new pandemic waves and the Russian invasion of Ukraine.
The amount of 748 million euros concerns the implementation of Greek debt relief measures and specifically the return of profits from Greek bonds held by the central banks of the eurozone (ANFAs and SNPs), etc.
The Commission emphasizes that it can not extend the enhanced supervision of the Greek economy, after its expiration on August 20, 2022. "If the enhanced supervision is not extended, the monitoring of the economic, fiscal and financial situation of Greece will continue in the context of both post-program surveillance and the European Semester ", the Commission emphasizes. Significant reforms and investments will also continue to be pursued in the context of the implementation of Greece's recovery and resilience plan. The monitoring of the specific commitments that will serve as the basis for the final installment of the debt measures will be carried out in a first supervisory report after the program to be issued in November 2022.
In general, the Commission emphasizes: "The successful implementation of most of the policy commitments and the effective implementation of reforms have improved the resilience of the Greek economy and strengthened its financial stability. This has significantly reduced the risk of adverse side effects in other euro area Member States, thus effectively addressing the condition on which enhanced surveillance is based. "The authorities remain committed to implementing the reforms and completing the outstanding issues."