Wednesday , February 1 2023
Home / News / Economy / Moscovici’s draft I & II to Varoufakis uploaded on internet

Moscovici’s draft I & II to Varoufakis uploaded on internet

The draft handed out by EU Monetary affairs Commissioner to Greek Finance Minister Yanis Varoufakis prior to the Eurogroup meeting has been leaked to the press. In his press conference, Varoufakis said that he would have signed it. But Dijsselbloem had later given him another draft and he described as “unacceptable”.

moscovici draft varoufakis

The draft was uploaded by @PaulMason of Channel 4 in Scribd .

“Draft 4 – Eurogroup Statement on Greece

The Eurogroup reiterates its appreciation for the remarkable adjustment efforts undertaken by Greece and the Greek people over the last years. Over the last week the Eurogroup and the institutions have engaged in an intensive dialogue with the new Greek authorities.

The Greek authorities have expressed their strong commitment to a broader and deeper reform process aimed at durably improving growth and employment prospects, enhancing social fairness and ensuring stability and resilience of the financial sector. In particular the Greek authorities commit to implementing long overdue reforms to tackle corruption and tax evasion, and improving the efficiency of the public administration. At the same time the Greek authorities reiterated their unequivocal commitment to honour their financial obligations towards all their creditors. The Greek authorities will make the most efficient use of the continued provision of the technical assistance.

We discussed the policy priorities of the new government on the basis of work undertaken by the institutions and the Greek authorities. We welcomed that in a number of areas the Greek policy priorities can contribute to a strengthening and better implementation of the financial assistance programme and can serve as the basis for a new arrangement. The Greek authorities intend to make the best use of existing built-in flexibility in the current programme as work commences on the new arrangement. They will work closely with their European and international partners to secure agreed parameters for structural reforms.

The Greek authorities agree to ensure appropriate primary fiscal surpluses and financing in order to ensure debt-sustainability. Any new measures will be funded and will not endanger debt sustainability or financial stability.(1)

The above forms the basis for a request to extend the current loan agreement, taking the form of an intermediate step to a new arrangement, that will be discussed and decided during this period of six-months. We also agreed that the IMF would continue to play its role in this agreement. The Eurogroup is favorably disposed to such a request by the Greek authorities.

Moreover, we were informed by the EC, the ECB and the IMF that it would be prudent to extend the availability period of the EFSF bonds in the HFSF buffer for six months, in parallel to the extension of the EFSF programme. The Eurogroup looks favorably at such an extension. Following a request by Greece, the EFSF can make the necessary arrangements. The Eurogroup emphasizes that these funds can be used for bank recapitalization and resolution costs and will only be released on the basis of an assessment by the institutions and a decision of the Eurogroup.

We remain committed to provide adequate support to Greece until it has regained full market access as long as it honors its commitments within the newly-agreed framework.

Possible points to give:
1) Refrain from uni-lateral actions with net fiscal implications.”

Kudos also to @NChatzinikolaou for mentioning the upload on his live TV program.

I suppose everyone will be looking for page -2- now…

The Moscovici’s draft has nothing in common with Dijsselbloem’s draft that was rejected by Athens.

Short time later, Paul Mason twitted that there was a second draft by Moscovici, an improved version!

It seems that Moscovici had a whole book of drafts!!! Below see the final draft as uploaded by Paul Mason:

“So this “close of play draft” is even stronger pro-the Greek position than my earlier one,” Mason notes, adding “For transparency: i was sent 18:40 version by trusted source to show it existed, but this [2nd draft] one superseded it.”

Check also directly at @PaulMasonnews

PS what else can one comments other that EU and EZ are using double signals …





Check Also

First medical cannabis plant inaugurated in Greece

Greece’s first-ever pharmaceutical cannabis production plant was inaugurated at Examilia, in Corinth, on Thursday. The …


  1. Krugman has published a fragment of the document: “The Greek authorities committed to ensure appropriate primary fiscal surpluses and financing in order to guarantee debt sustainability in line with the targets agreed in the November 2012 Eurogroup statement. Moreover, any new measures should be funded, and not endanger financial stability.”
    And he writes : “There was absolutely no way Tsipras and company could sign on to such a statement.”
    But the clue is here: “in line with the targets agreed in the November 2012 Eurogroup statement”. It would mean no smaller primary surplus.
    Which text is last ? Was this fragment in it or not ? It is quite important whether Varoufakis can negotiate the primary surplus or not – I am becoming dizzy of many texts and versions. The Gordian knot is more knotty today.

  2. I am just pleased tha Yanis Varufakis did not agree to continue playing a game that has proven itself to be a failure.
    Are the persons of the EU stuborn or maybe too old to see something for the disaster that it is.
    Set in their wy mens they need to retire.
    The business world needs energetic, mover & shakers & not fraeful procrastinators who cannot recognise & acept failure & think up solutions to problems.
    They keep raising the retirement age to an ever denser level of senility – I fear.
    Episode 357 tomorrow
    Stay cool every one