Chapter News

Update on Greece: European Solidarity in Action

Remarks by Valdis Dombrovskis EU Commission Vice-President for the Euro and Social Dialogue |  Brussels, 17 July 2015

Good afternoon everybody,

This has been a week of important decisions in terms of helping Greece to regain financial stability and to put its economy back on track. These decisions are ultimately being taken for the sake of Greek people.

First, the Greek Parliament adopted, with a large majority, the first set of reforms. It was a first but crucial step towards rebuilding trust between Greece and its international partners.

Second, Eurogroup reached an agreement in principle to launch negotiations on a new ESM programme. National procedures are expected to confirm this decision.

Third, we have an agreement on the bridge financing for Greece, based on the EFSM loan. This agreement, backed by 28 European Union Member States, prevents Greece from an immediate default. It means that EUR 7.16 billion will reach Greece on time, by Monday.

What we’re witnessing is European solidarity in action.

Politicians across 27 countries have invested their own political capital to speed through national decisions to shoulder Greece at this difficult time for the country.

Those who say that ‘Europe lacks solidarity’ are mistaken. But solidarity comes with responsibility. The Euro Summit Statement reads that ‘the risks of not concluding swiftly negotiations remain fully with Greece’.

This week’s decisions are the first building blocks for restoring trust. However, there is still a very long way ahead of us.

The second reform package, including the adoption of the Code of Civil Procedure and the transposition of the Bank Recovery and Resolution Directive, is scheduled for vote on 22 of July.

What will count in a longer perspective is the practical implementation of reforms.

Thank you.

 Compliments of the EU Commission.