Press Release: Commission signs three-year ESM stability support programme for Greece

On 19 August 2015, following approval by national parliaments (where applicable), the ESM board of governors approved the Memorandum of Understanding (MoU) with Greece for a new stability support programme. The Memorandum was signed late on the same day by the European Commission, on behalf of the ESM, as well as by the Greek government and central bank.

The third economic adjustment programme for Greece officially starts with the signature of the MoU and will run until August 2018. The European Stability Mechanism (ESM), Europe's firewall established in 2012 in response to the global financial crisis, will be able to disburse up to EUR 86 billion in loans over the next three years, provided that Greek authorities implement reforms to address fundamental economic and social challenges, as specified in the MoU.

Implementation will be monitored by the European Commission, in liaison with the European Central Bank and, wherever possible, together with the International Monetary Fund, under the form of regular reviews.

• Primary Source

ESO: Background information: Third Greek Bailout likely to overcome national hurdles http://www.europeansources.info/record/third-greek-bailout-likely-to-overcome-national-hurdles/

European Commission: DG Communication: RAPID: MEMO/15/5513, 20.08.15: The European Stability Mechanism Programme for Greece: Questions and Answers http://europa.eu/rapid/press-release_MEMO-15-5513_en.htm

ESM: Financial Assistance: The ESM Programme for Greece http://www.esm.europa.eu/assistance/Greece/index.htm

Eurogroup: Press Release, 19.08.15: Remarks by J. Dijsselbloem after the ESM conference call on financial assistance for Greece http://www.consilium.europa.eu/en/press/press-releases/2015/08/19-jd-remarks-esm-greece/

EurActiv, 12.10.15: Angry Greek farmers ready to 'paralyse' the country http://www.euractiv.com/sections/agriculture-food/angry-greek-farmers-ready-paralyse-country-318396

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