| Author (Corporate) | Eurogroup |
|---|---|
| Series Title | Meeting |
| Series Details | 14.08.15 |
| Publication Date | 14/08/2015 |
| Content Type | News |
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New loans of up to €86bn would be made available over the three years 2015-17 to Greece by the European Stability Mechanism (ESM) - Europe's firewall established in 2012 in response to the global financial crisis. Following weeks of intense negotiations in Athens and Brussels, and a vote of acceptance of the bailout plan in the Greek Parliament on the 14 August 2015, there was an agreement on the deal at a Eurogroup meeting in Brussels later on the 14 August 2015. The IMF, while welcomimg the deal, said 'it is equally critical for medium and long-term debt sustainability that Greece’s European partners make concrete commitments in the context of the first review of the ESM program to provide significant debt relief, well beyond what has been considered so far'. (The first review was due in October 2015). Political, as well as economic, challenges would still face the Greek government of Alexis Tsipras due to a potential split in Syriza. Some predicted a further election in the autumn of 2015. Reuters and other news sources reported on the 16 August 2015 that Greece's socialist PASOK party had joined the main opposition party New Democracy in saying it would not back Mr Tsipras if he called a confidence vote in his government after the agreement on the bailout deal. Also covered in some of these information sources is the lead-up to parliamentary votes in certain other eurozone countries on the terms of the deal. In particular, Chancellor Merkel, needed to convince some in her CDU/CSU group to support the deal. The vote in the Bundestag was expected on the 19 August 2015. |
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| Source Link | http://www.consilium.europa.eu/en/meetings/eurogroup/2015/08/14/ |
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| Countries / Regions | Europe, Greece |
