BRUSSELS Oct 10 Euro zone finance ministers
issued the following statement on Monday on the disbursement of
loans to Greece:
"The Eurogroup welcomes the implementation by the Greek
authorities of the set of 15 milestones in the context of the
first review of the ESM programme. The Eurogroup commends the
Greek authorities for adopting the necessary further measures to
reform the pension system and the energy sector, to strengthen
bank governance, to fully establish the new independent Revenue
Agency and to proceed with the privatisation programme. The
Eurogroup also notes the further progress in the set-up of the
Privatisation and Investment Fund - the Hellenic Corporation of
Assets and Participations (HCAP).
The Eurogroup stresses that the appointment of the members
of the Board of Directors of HCAP, including the Chairman and
CEO positions, must be pursued as a matter of priority in order
to make the fund fully operational before the end of 2016, in
the context of the second review of the ESM programme. To this
end, we welcome the commitment of the Greek authorities to
ensure that the appointment process is in line with the
requirements of the HCAP law to ensure that Board members are
fully independent, professional and with clear experience and
the corporate governance standards will be in line with
international best practices.
The implementation of the milestones paves the way for the
ESM Board of Directors to approve the remaining disbursement of
EUR 1.1 bn under the second tranche for debt servicing needs.
The Eurogroup acknowledges that significant progress has
been made towards the clearance of net arrears during July and
August and notes the time required for completing the data for
September, which would be later in October. The institutions'
positive assessment of Greece's clearance of net arrears would
pave the way for the ESM Board of Directors to approve the
further release of EUR 1.7 bn, which will be disbursed to a
dedicated account to be used for arrears clearance.
The Eurogroup will now turn its attention to the next stages
of the ESM programme. We call on the Greek authorities to
intensify their work with the institutions on the measures
needed to complete the second review in a timely manner, and
welcome the intention of the institutions to return to Athens in
(Reporting By Jan Strupczewski)