Το (αγγλικό) κείμενο της συμφωνίας του Eurogroup

The Eurogroup recalls that a full staff-level agreement has been reached between Greece and the

Troika on updated programme conditionality and that, according to the Troika, Greece has

implemented all agreed prior actions.

The Eurogroup in particular welcomes the updated assessment of the Troika that Greece has

implemented in a satisfactory manner a wide ranging set of reforms, as well as the budget

and an ambitious medium term fiscal strategy 2013-16.

The Eurogroup noted with satisfaction that the updated programme conditionality includes the

adoption by Greece of new instruments to enhance the implementation of the programme, notably

by means of correction mechanisms to safeguard the  achievement of both fiscal and privatisation

targets, and by stronger budgeting and monitoring rules. Greece has also significantly strengthened

the segregated account for debt servicing. Greece will transfer all privatizations revenues, the

targeted primary surpluses as well as 30% of the excess primary surplus to this account, to meet debt

service payment on a quarterly forward-looking basis. Greece will also increase transparency and

provide full ex ante and ex post information to the EFSF/ESM on transactions on the segregated

account.

The Eurogroup again commended the authorities for their demonstrated strong commitment to the

adjustment programme and reiterated its appreciation for the efforts made by the Greek citizens.

The Eurogroup noted that the outlook for the sustainability of Greek government debt has worsened

compared to March 2012 when the second programme was concluded, mainly on account of a

deteriorated macro-economic situation and delays in programme implementation

The Eurogroup considered that the necessary revision in the fiscal targets and the implied

postponement of a primary surplus target of 4.5% of GDP from 2014 to 2016 calls for a broader

concept of debt sustainability encompassing lower debt levels in the medium term, smoothing of the

current financing hump after 2020 and easing of its financing.

The Eurogroup was informed that Greece is considering certain debt reduction measures in the near

future, which may involve public debt tender purchases of the various categories of sovereign

obligations.  If this is the route chosen, any tender or exchange prices are expected to be no higher

than those at the close on Friday, 23 November 2012.

The Eurogroup considers that, in recapitalising Greek banks, liability management exercises should

be conducted in respect of remaining subordinated debt holders so as to ensure a fair burden

sharing.

Against this background and after having been reassured of the authorities’ resolve to carry the fiscal

and structural reform momentum forward and with a positive outcome of the possible debt buy-back