The institutions and the Greek Minister for Finance, Euclid Tsakalotos, briefed the Eurogroup on the way forward for implementing Greece’s European Stability Mechanism (ESM) programme, which was agreed last August.
The Eurogroup expects the Greek authorities to swiftly implement the legislation agreed under the second set of milestones. This would unlock the disbursement of €1 billion by the ESM.
Ministers were informed that the recapitalisation of the Greek banking sector will not require more than the amount of up to €10 billion currently available under the programme for this purpose. This is significantly lower than the envelope of up to €25 billion earmarked for bank recapitalisation at the beginning of the Greece programme. The funds for recapitalisation would be disbursed by the ESM to the Hellenic Financial Stability Facility.