European Union promises extra financial aid to Greece on condition of Greece’s commitment to international programs
BRUSSELS – Finance Ministers of the European Union on Monday pledged extra support to Greece, on condition of Greece adhering to commitments to the International Monetary Fund and EU financial programs at the Eurozone Finance Ministers' meeting in Brussels.
“Euro area member states reaffirmed their commitment to provide adequate support until Greece regains full market access, provided Greece fully complies with the requirements and objectives of the adjustment program,” read the joint statement after the meeting.
The statement emphasized that “possible debt sustainability measures” will be taken into account within the context of the next review.
Recovery packages of US$240 billion, which were provided by the EU to Greece, expires at the end of this year. The International Monetary Fund requests the European Union support the financing of Greece in case unfavorable global economic conditions persist in the forthcoming period.
In Greece, the percentage of public debt to Gross Domestic Product (GDP) rose to 175 percent in 2013. The EU expect this value to increase to 177.2 percent in 2014 and next year to start to abate.
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