The Commission’s Autumn forecast shows a strong contraction in economic activity and rising unemployment in 2020, though a partial recovery is projected for 2021. The Eurogroup has commended the Greek authorities for the large set of timely, targeted and temporary support measures taken to date to cushion the effect of the pandemic on businesses, workers and the healthcare sector.
According to Eurogroup's relevant statement the progress made with reform implementation in these difficult circumstances, in particular the adoption of the major reform of the Greek insolvency framework, which is expected to contribute to resolving the key challenges in the financial sector, has been particularly acknowledged.
The statement concluded on the approval of a €767 million disbursement available for Greece. In further detail the statement concluded as follows:
Subject to the completion of national procedures, the Eurogroup Working Group and the Board of Directors of the European Financial Stability Facility (EFSF) are expected to approve the transfer of SMP-ANFA income equivalent amounts and the reduction to zero of the step-up interest margin on certain EFSF loans, which are worth €767 million in total.
The Eurogroup will be gathered later today (this afternoon) in Brussels with one of the issues to be considered being the disbursement of € 767 million for the relief of the Greek debt.
