Eurogroup, 08/12/2014, 8 December 2014

Eurogroup supports a two-month programme extension for Greece 

Eurogroup ministers meeting in Brussels on 8 December discussed progress towards completing Greece's economic adjustment programme. They supported granting Greece a two-month extension to complete the programme. 

The Eurogroup welcomed the progress made by the Greek authorities towards completing the fifth review of the Greek economic adjustment programme. Ministers agreed that despite this progress, it would not be possible to complete the review by the end of the year. They therefore supported granting Greece a two month extension to the current European Financial Stability Facility (EFSF) programme.

The Eurogroup now awaits the formal request from the Greek authorities for an extension to allow the review to be completed in early 2015. This request is expected to include an unequivocal commitment to completing all the reforms required by the current programme. The completion of these reforms will pave the way for the final disbursement of €1.8 billion from the EFSF.

The Eurogroup reiterated its support for granting Greece a European Stability Mechanism precautionary credit line. It also recommended extending the availability period of EFSF funds intended for bank recapitalisation until the end of February 2015.

• Eurogroup statement on Greece, 8 December 2014
• Photos and videos of the Eurogroup meeting, 8 December 2014

Eurogroup examines member states' draft budgetary plans

The Eurogroup welcomed the overall finding that euro area governments are running smaller deficits and that debt levels are stabilising. Ministers reiterated the need to continue tackling high debt and unemployment levels. They welcomed that a number of draft budgets included plans to reduce the tax burden on labour.

Eurogroup discussed the Commission's assessment that 7 member states' draft budgets are at risk of non-compliance with the Stability and Growth Pact (SGP). Ministers welcomed the fact that the commitment made by all 7 countries to implement measures would ensure compliance with the SGP.

The Eurogroup will discuss the issue in March 2015 based on follow-up assessments from the Commission.

The next Eurogroup meeting is scheduled on 26 January 2015.

• Remarks by Jeroen Dijsselbloem at the press conference following the Eurogroup meeting on Draft Budgetary Plans of 8 December 2014