Dijsselbloem: Eurogroup adopted clause linking debt repayment with growth for Greece

Eurogroup adopted a growth clause in its deal for Greece, which means that “if there’s more growth then the repayment of loans will be faster and vice versa,” the body’s President Jeroen Dijsselbloem said on Thursday, during a joint press conference with ESM head Klaus Regling, EU Economic and Financial Affairs Commissioner Pierre Moscovici and IMF chief Christine Lagarde in Luxembourg.

He said the finance ministers approved the disbursement of 8.5 billion euros to Greece adding that this completes the second program review with the participation of the IMF.

The issue of the country’s debt will be discussed on the basis of the May 2016 agreement, he continued, adding that Greece will have to maintain primary surpluses of 3.5 percent until 2022.

Dijsselbloem said this deal is an important step and congratulated the institutions, the Greek authorities but “most importantly” the Greek people for their sacrifices.