FinMin Tsakalotos: Eurogroup agreement will mark the beginning of Greece’s exit from the foul cycle of economic recession

Today’s Eurogroup agreement will mark the beginning of Greece’s exit from the foul cycle of economic recession, Finance Minister Euclid Tsakalotos said early on Wednesday in Brussels, following the conclusion of the Eurogroup meeting.

“We reached an agreement after 11 hours of negotiations,” he said, both for the completion of Greece’s program review and for the disbursement of the related loan installment. “We hoped for an installment of 9 to 11 billion euros – the final amount is 10,3 billion euros,” he added, noting that part of the loan was earmarked to repay outstanding debts of the state.

In terms of the debt agreement, Tsakalotos noted that some measures would be implemented in the short term following the completion of the review and the disbursement of the installment, up to the end of the program. He added there is an agreement for measures on a mid-term level which will be detailed further in 2018 (they are now known in outline only) and an agrement to implement long-term measures as well.

“It is an important point in time for Greece, following a long time,” the minister said. Last summer’s agreement called for talks on the debt after the completion of the program review, he said, while there is a “comprehensive package” now.

“There is ground now to allow us to be optimistic that this is the beginning of the reversal of the foul cycle in which Greece has fallen, with recession and measures, and that the country will enter a virtuous cycle with the return of investors,” he said.