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Greece’s extension request: Bridge-Agreement, financial stability & measures against tax evasion & corruption…

Below are some details from the official request Greece sent to Eurogroup Thursday morning asking for a 6-month extension of the loan agreement signed between Greece and the European Financial Stability Fund (EFSF) from December 2012. The Greek side wants also a Bridge-Agreement of 6-months, measures to tackle the humanitarian crisis and commits itself to proceed immediately with reforms to combat tax evasion and corruption. The Bridge-Agreement will “give the government time to work out a new agreement with its Euro partners on development and growth for 2015-2019”.

I heard also that the primary surplus of 1.5% for 2015 is also requested.

The details were given to the Greek media by “government sources”:

The request aims to provide protection umbrella for the financial system.

• Τhe government did not ask extension of the Memorandum of Understanding  

  [the bailout program with austerity measures].

•  There is reference to the issue of restoration of the social cost caused by the

    crisis and to address the very important social implications.

•  The government’s desire is to proceed with a six-month interim agreement

    (“Bridge-Agreement”) during which the government will be committed to

    fiscal balance.

•  During this Bridge-Agreement, the gov’t will proceed directly to reforms to tackle

   tax evasion and corruption, and immediate actions to address the humanitarian

   crisis and to restart the economy.

•  The six-month extension

       allows the government to give “breaths” to society

       and gives the government the time required to open negotiations with its 

       European partners in order to have a new contract for the recovery and growth

       for the period 2015 -2019.

•  The new social contract of τηε government will include agreement on

    impairment of the debt, as foreseen by the decision of the Eurogroup of 2012.
   (Greek sources: here and here)

Loan Agreement between Greece and EFSF Master Financial Assistance Facility Agreement here – 68 pages/ December 2012.

This is Greece’s plan, we have to see whether the Eurogroup partners will agree on the wording.

The signals coming from Brussels are not bad… EU Commissioner Jean-Claude Juncker described the Greek request as “positive step”, jeroen Dijsselbloem announced a Eurogroup meeting for 3 pm tomorrow Friday.

If the Greek request did not fulfill their ‘standards’ there would be no necessity for a EG meeting…

PS Does anyone have a copy of the full Greek request? Much appreciated at

BTW: be sure, the Greek side will ‘leak’ the Greek request, in case the Eurogroup partners will come out claiming this and that again 🙂


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