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유로그룹 공동성명서 전문(영어 원문)

기사등록 : 2012-11-27 11:25

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다음은 11월 26일 유로존 재무장관 회의인 유로그룹이 발표한 그리스 지원 공동성명서 원문이다.

"The Eurogroup recalls that a full staff-level agreement has been
reached between Greece and the Troika on updated programme
conditionality and that, according to the Troika, Greece has implemented
all agreed prior actions.

     The Eurogroup in particular welcomes the updated assessment of the
Troika that Greece has implemented in a satisfactory manner a wide
ranging set of reforms, as well as the budget for 2013 and an ambitious
medium term fiscal strategy 2013-16.

     The Eurogroup noted with satisfaction that the updated programme
conditionality includes the adoption by Greece of new instruments to
enhance the implementation of the programme, notably by means of
correction mechanisms to safeguard the achievement of both fiscal and
privatisation targets, and by stronger budgeting and monitoring rules.
Greece has also significantly strengthened the segregated account for
debt servicing. Greece will transfer all privatizations revenues, the
targeted primary surpluses as well as 30% of the excess primary surplus
to this account, to meet debt service payment on a quarterly
forward-looking basis. Greece will also increase transparency and
provide full ex ante and ex post information to the EFSF/ESM on
transactions on the segregated account.

     The Eurogroup again commended the authorities for their
demonstrated strong commitment to the adjustment programme and
reiterated its appreciation for the efforts made by the Greek citizens.

     The Eurogroup noted that the outlook for the sustainability of
Greek government debt has worsened compared to March 2012 when the
second programme was concluded, mainly on account of a deteriorated
macro-economic situation and delays in programme implementation

     The Eurogroup considered that the necessary revision in the fiscal
targets and the implied postponement of a primary surplus target of 4.5%
of GDP from 2014 to 2016 calls for a broader concept of debt
sustainability encompassing lower debt levels in the medium term,
smoothing of the current financing hump after 2020 and easing of its
financing.

     The Eurogroup was informed that Greece is considering certain debt
reduction measures in the near future, which may involve public debt
tender purchases of the various categories of sovereign obligations.  If
this is the route chosen, any tender or exchange prices are expected to
be no higher than those at the close on Friday, 23 November 2012.

     The Eurogroup considers that, in recapitalising Greek banks,
liability management exercises should be conducted in respect of
remaining subordinated debt holders so as to ensure a fair burden
sharing.

     Against this background and after having been reassured of the
authorities' resolve to carry the fiscal and structural reform momentum
forward and with a positive outcome of the possible debt buy-back
operation, the euro area Member States would be prepared to consider the
following initiatives:

     A lowering by 100 bps of the interest rate charged to Greece on the
loans provided in the context  of  the  Greek  Loan  Facility.  Member 
States  under  a  full  financial  assistance programme are not required
to participate in the lowering of the GLF interest rates for the period
in which they receive themselves financial assistance.

     A lowering by 10 bps of the guarantee fee costs paid by Greece on
the EFSF loans.

     An extension of the maturities of the bilateral and EFSF loans by
15 years and a deferral of interest payments of Greece on EFSF loans by
10 years. These measures will not affect the creditworthiness of EFSF,
which is fully backed by the guarantees from Member States.

     A commitment by Member States to pass on to Greece's segregated
account, an amount equivalent to the income on the SMP portfolio
accruing to their national central bank as from budget year 2013. Member
States under a full financial assistance programme are not required  to 
participate  in  this  scheme  for  the  period  in  which  they 
receive  themselves financial assistance.

     The Eurogroup stresses, however, that the above-mentioned benefits
of initiatives by euro area Member States would accrue to Greece in a
phased manner and conditional upon a strong implementation by the
country of the agreed reform measures in the programme period as well as
in the post-programme surveillance period.

     The Eurogroup is confident that, jointly, the above-mentioned
initiatives by Greece and the other euro area Member States would bring
Greece's public debt back on a sustainable path throughout this and the
next decade and will facilitate a gradual return to market financing.
Euro area Member States will consider further measures and assistance,
including inter alia lower co-financing in structural funds and/or
further interest rate reduction of the Greek Loan Facility, if
necessary, for achieving a further credible and sustainable reduction of
Greek debt-to-GDP ratio, when Greece reaches an annual primary surplus,
as envisaged in the current MoU, conditional on full implementation of
all conditions contained in the programme, in order to ensure that by
the end of the IMF programme in 2016, Greece can reach a debt-to-GDP
ratio in that year of  175% and in 2020 of 124% of GDP, and in 2022 a
debt-to-GDP ratio substantially lower than 110%.

     As was stated by the Eurogroup on 21 February 2012, we are
committed to providing adequate support to Greece during the life of the
programme and beyond until it has regained market access, provided that
Greece fully complies with the requirements and objectives of the
adjustment programme.

     The Eurogroup concludes that the necessary elements are now in
place for Member States to launch the relevant national procedures
required for the approval of the next EFSF disbursement, which amounts
to EUR 43.7 bn. EUR 10.6 bn for budgetary financing and EUR 23.8 bn in
EFSF bonds earmarked for bank recapitalisation will be paid out in
December. The disbursement of the remaining amount will be made in three
sub-tranches during the first quarter of 2013, linked to the
implementation of the MoU milestones (including the implementation of
the agreed tax reform by January) to be agreed by the Troika.

     The Eurogroup expects to be in a position to formally decide on the
disbursement by 13 December, subject to the completion of these national
procedures and following a review of the outcome of a possible debt
buy-back operation by Greece."


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