Compliance ReportESM Stability SupportProgramme for Greece

Abstract

In July 2015, after the expiry of the previous programmesupported by EFSF financing, Greece requested the European Stability Mechanism (ESM) financial assistance, to restore fiscal sustainability, address the risks to its own financial stability and to that of the euro area, promote sustainable growth, create jobs and reduce inequalities, and modernise the State and public administration. In August 2015, the Hellenic Republic concluded an agreement for stability support in the form of a loan from the ESM for an availability period of three years. In accordance with the ESM Treaty, a Memorandum of Understanding (MoU) was signed by the European Commission, on behalf of the ESM, which details the conditionality attached to the financial assistance facility covering the period 2015-18.Fulfilment of the conditionality is assessed at regular reviews, taking account of the progress in reforms.