Today, we, countries in the eurozone have mandated the ESM to make up to the maximum of €86 billion available to finance Greece. Of course this programme for the coming three years goes with strict conditions, aiming at:
- Setting right public finances and administration; and
- Dealing with the economy and problems in financial sector.
I am glad to say that the Greek government has already taken some credible first steps. A lot of work will still have to be done to stabilize the economy in Greece for the return of confidence both in Greece and in within the eurozone.
We have a lot of work to do in the coming years but I think that the decisions taken in the last couple of weeks and especially today are a big step in that direction.
