I welcome the agreement in Athens with the Greek authorities of a multi-annual programme of fiscal consolidation and structural reform, jointly prepared by the European Commission together with the European Central Bank and the International Monetary Fund.
The Greek government, under the determined leadership of Prime Minister Papandreou, has committed to a difficult but necessary reform process to put the Greek economy on a sustainable path and restore confidence. The Commission considers that this agreed set of measures constitutes a solid and credible package.
The Commission considers that the conditions for responding positively to the request by the Greek Government are met and recommends that the coordinated European mechanism for assistance to Greece be activated, on the basis of the agreed multi-annual adjustment programme.
This assistance will be decisive to help Greece bring its economy back on track and preserve the stability of the Euro area.
The assistance, and the basis on which it is set to be provided, shows the joint determination of the members of the Euro area and our institutions, to act in a spirit of solidarity and responsibility.
