Greece: Euro finance ministers approve third Help Package – ZEIT ONLINE

The euro group has agreed on new loans for Greece. The International Monetary Fund renewed its call for debt relief.

Updated 15th August 2015 04:47 clock

Euro group chief Jeroen Dijsselbloem and Finance of Greece Euclid Tsakalotos shake hands. | © Francois Lenoir / Reuters

The euro zone finance ministers have agreed to a third aid program for Greece. Belgian Finance Johan Van Overtfeldt said that the Euro group had approved the auxiliary agreement with Greece with the addition of a number of other measures.

According to European Commission President Jean-Claude Juncker is the decision of the Euro group, that Greece will remain a member of the euro zone “unalterable”.

The Finance Minister had negotiated in a special session for six hours over previously drawn up by experts conditions for the planned lending of up to 86 billion euros. Late in the evening they announced their agreement. In the morning, the Greek parliament had already agreed to the austerity program.

Now just have a few other national parliaments approve the utility. The German Bundestag is to meet on Tuesday or Wednesday. Although many unions MPs are expected to vote against it, it is considered extremely unlikely that the entire Bundestag rejects the Greece-aids.

The head of the International Monetary Fund (IMF), Christine Lagarde, said the utility was “a very important step” forward. The debt burden is but “unsustainable” for Greece. Other Debt relief were necessary. At the same time Lagarde left open whether the IMF mitmache at the new utility. They expect that the Europeans at a first review of the program and concrete commitments “decisive debt relief make” that went well above previous considerations.

Euro group chief Jeroen Dijsselbloem made it clear that further IMF involvement in a utility of fundamental importance for the Euro group is. The IMF must be convinced of the sustainability of Greek debt. “This debt sustainability can through an extensive program like this be achieved now present, but without nominal haircut” Dijsselbloem. Said

The rescue package is for three years. The first tranche will be 26 billion euros, of which 13 billion would be paid next week, said the chief of the euro bailout fund, Klaus Regling, with. “The program allows Greece to return to economic growth,” Dijsselbloem said. The heavily indebted Greece had to undertake further reforms in return for the new billions in aid of international donors. These include, for example, tax increases and changes to the pension system.