Eurogroup, 10/10/2016

Eurogroup
  • Eurogroup
  • 10/10/2016
  • 15:00
  • Luxembourg

Main results

Greece

The institutions and the Greek Minister for Finance, Euclid Tsakalotos, briefed the Eurogroup on the achievement of 15 milestones that Greece had pledged to implement during the first review of its economic adjustment programme.

The milestones included the setting up of the privatisation fund, energy sector reform, bank governance measures and the establishment of the revenue agency.

At the meeting the Eurogroup agreed that the implementation of the milestones would allow the ESM to approve the disbursement of €1.1 billion. This amount is to be dedicated for Greece's debt servicing needs. 

The remaining €1.7 billion are to be released once the data on Greece's progress in arrears clearance for September has become available and the institutions have provided a positive assessment. The disbursement is subject to the ESM Board of Directors approval. The €1.7 is to be used for Greece's arrears clearance

The Eurogroup adopted a statement on Greece.

It also called on the Greek authorities to intensify their work with the institutions to complete the second review of the programme in a timely manner.

Thematic discussion on growth and jobs: health care and long-term care systems

The Eurogroup exchanged views on risks that expenditure on health care and long-term care may pose to the sustainability of public finances in the euro area in the coming decades.

The aim of the discussion was to share national best practices and lessons learned in this policy area, which usually accounts for a significant part of government expenditure.

Current fiscal issues

The Eurogroup is now ready for its annual review of the euro area member states' draft budgetary plans for the next year. The member states have to submit their plans for 2017 between 1 and 15 October this year, and the Eurogroup will discuss them on 5 December.

The European Commission briefed the Eurogroup on a structured dialogue it had held with the European Parliament regarding a suspension of the European Structural and Investment Funds for Spain and Portugal.

A Commission's proposal on the suspension is expected in the context of the excessive deficit procedure, following the July Council decisions on the lack of effective action by these countries to correct their excessive deficits.

G7 meeting

Eurogroup President Jeroen Dijsselbloem briefed the Eurogroup on the discussions at the international meetings held in Washington D.C. at the beginning of October and the outcomes.

Last reviewed on 26/10/2016