News & Comments

We welcome short entries about relevant European or national developments for this News and Comments section. You are invited to use the contact form for this or to directly contact Thomas Beukers (thomas.beukers@eui.eu) or Viorica Vita (viorica.vita@eui.eu).


17 November 2015: deal between Greece and creditors paves way to ESM disbursement

November 17, 2015

The Greek government is reported to have reached a deal with the European Commission, ECB, ESM and IMF on the measures needed for approval by the eurozone Finance Ministers of the disbursement of € 2 billion. Last week the Eurogroup failed to gave a green light to the disbursement. For more details see the news […]

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The Greek Referendum: is it Unconstitutional? – by Afroditi Marketou

July 3, 2015

Is the Greek referendum unconstitutional? Afroditi Marketou,[1] 3 July 2015 It would be shocking if the Greek government announced an unconstitutional referendum. They, who had so much emphasized the need for constitutional legality in their critique towards previous governments and in their electoral campaign, they would now so violently and profoundly violate the Greek Constitution […]

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Is the IMF necessary for the 3rd Greek Program? – by Alexandros Kyriakidis (University of Sheffield)

April 20, 2016

Alexandros Kyriakidis is a PhD Candidate at the Department of Politics of the University of Sheffield Tensions have been growing between Greece and the IMF, including a highly controversial Wikileaks leaked conversation between the IMF Mission Chief for Greece and the Head of IMF’s European Department that raised issues at the highest level, with letters […]

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9 November 2015: no green light from Eurogroup for disbursement to Greece (yet)

November 10, 2015

No deal was reached (yet) at Monday's Eurogroup on disbursement of a next tranche of € 2 billion to Greece, nor to release the linked € 10 billion reserved for bank recapitalisation, as creditors and Greece disagree on the details of foreclosure legislation (the protection offered to homeowners). See for more detailed news coverage EUObserver […]

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13 August 2015: Votes in Greek and Finnish Parliament related to MoU Greece

August 13, 2015

The Greek Parliament is set to vote today on a set of prior actions presented as a condition for endorsement by the Eurogroup on 14 August of the Memorandum of Understanding agreed between the Greek government and the 'Institutions' (IMF/EC/ECB) on 11 August. See also the relevant section in the Report on Greece by Afroditi-Ioanna […]

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22 April: first programme review Greece discussed at Eurogroup

April 22, 2016

No agreement was reached yet on either the conclusion of the first review of the Greek programme or – with the IMF in particular – on debt sustainability. Instead it was agreed that in the coming days a special contingent package of additional measures should be negotiated, that would be implemented only if necessary to […]

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6 November 2015: Greek Parliament approves measures ahead of eurogroup meeting

November 8, 2015

The Greek Parliament on Friday approved new measures ahead of the eurogroup meeting of Monday 9 November which is to decide on a disbursement of 2 billion euro's. For detailed news coverage see the Financial Times and Repubblica.

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22 July 2015: Greece adopts new reforms required before start of negotiations on ESM assistance

July 23, 2015

Reforms include a new Law on the recovery and resolution of credit institutions and investment firms, that implements Directive 2014/59/EU. See this opinion of the ECB of July 20 on the Greek draft law. The reforms also include a Code of Civil Procedure. The laws were voted by 230 out of 300 MPs, with 63 […]

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9 May: Eurogroup agrees principles on Greek debt measures

May 11, 2016

In an attempt to secure IMF participation in the 3rd Greek assistance programme, the Eurogroup of Monday 9 May agreed that: "In line with the statements of the Euro Summit and the Eurogroup in the summer of 2015, the Eurogroup stands ready to consider, if necessary, possible additional debt measures aiming at ensuring that Greece's […]

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31 October 2015: Greek Parliament approves bank recapitalisation legislation

October 31, 2015

The Greek Parliament on 31 October adopted a bill allowing for the injection of funds into the financial sector. This coincided with the publication by the ECB of stress test results indicating that the 4 biggest Greek banks (National Bank of Greece, Piraeus, Alpha Bank and Eurobank) needed recapitalisation. See for detailed news coverage Reuters […]

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17 July 2015: German Bundestag authorizes negotations on ESM assistance Greece

July 17, 2015

See the relevant section in the Report on Germany by Sabine Mair for further information on parliamentary involvement in the ESM in Germany.

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23 May: IMF suggests detailed modalities of debt relief ahead of Eurogroup

May 24, 2016

On Monday 23 May, one day before a Eurogroup meeting devoted to Greece, IMF staff has published a report with a critical preliminary debt sustainability analysis of Greece. The report was distributed to the IMF Executive Board in the morning, but – the report explicitly mentioned – was neither discussed nor approved by the same […]

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26 October 2015: Technical cooperation plan agreed between Commission and Greece

October 27, 2015

The European Commission and the Greek authorities have presented their plan for technical cooperation in support of structural reforms. The plan defines the general context of the cooperation, the guiding principles governing the technical cooperation, the areas to be covered by the technical support, specific principles regarding working methods, principles related to the envisaged financing of technical support, and […]

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16 July 2015: Dutch Parliament debates start of negotiations on ESM assistance Greece – no vote required

July 17, 2015

See the relevant section in the Report on The Netherlands by Jotte Mulder for further information on parliamentary involvement in the ESM in The Netherlands.

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25 May: Eurogroup agrees on short-term debt relief measures for Greece

May 26, 2016

The Eurogroup of 25 May 2016 welcomed the staff-level agreement between Greece and the institutions in the first programme review and considered the sustainability of Greek public debt. Read the full Eurogroup statement here. On the important issue of debt relief, the statemen reads: "In line with the 9 May Eurogroup statement, and in view […]

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22 December 2015: ESM Board of Directors approves disbursement to Greece

December 22, 2015
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In its press release the ESM announced: "The Board of Directors of the European Stability Mechanism (ESM) today authorised the disbursement of €1 billion to Greece. This disbursement, which follows the Greek government’s completion of the second set of reform milestones, will be used by the government for debt service, budget financing, and co-financing projects […]

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Greek Council of State (Plenum) Decision on Labour Measures Implementing 2nd Greek MoU – by Matina Yannakourou (European University Cyprus)

April 7, 2015

Matina Yannakourou (European University Cyprus, S.Yannakourou@euc.ac.cy) On 27 June 2014, the Greek Council of State in Plenum issued Decision 2307/2014 declaring all labour law measures implementing the second Memorandum of Understanding (MoU) in compliance with the Greek Constitution, the TFEU (arts 125 and 136), the ECHR (art 11 and art 1 of its 1st Additional […]

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16 July 2015: Finnish Parliament authorizes negotiations on ESM assistance

July 16, 2015

See the relevant section in the Report on Finland by Päivi Leino-Sandberg & Janne Salminen for further information on parliamentary involvement in the ESM in Finland.

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17 June: ESM approves € 7.5 billion disbursement to Greece

June 17, 2016

On 17 June the Board of Directors of the European Stability Mechanism (ESM) authorised the second tranche of €10.3 billion of ESM financial assistance to Greece. It also authorised the first disbursement of this second tranche of €7.5 billion to Greece. Greece will use the €7.5 billion to meet debt servicing obligations and to help […]

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20 December 2015: Greek Prime Ministers calls on IMF to stay out of Programme

December 20, 2015
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Greek Prime Minister Alexis Tsipras is pushing for the IMF to stay out of Greece's third bailout programme, leaving the eurozone to take full responsibility for overseeing economic reforms, the Financial Times reports in an interview. Tsipras' resentment of IMF involvement has been no secret, especially after he clashed on the matter with Germany on […]

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20 September 2015: Greek elections confirm governing majority

September 21, 2015

Yesterday's elections in Greece confirmed the majority of the coalition formed by the Syriza party of Alexis Tsipras and the Greek Independents (ANEL). Together the two parties have a majority of 155 of the seats at the Greek Parliament (145 for Syriza and 10 for the Greek Independents), compared to their 162 majority in the […]

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15 July 2015: French Parliament votes on Euro Summit deal

July 16, 2015

See for more information our more recent analysis by Diane Fromage. See also the relevant section in the Report on France by Robin Gadbled and Diane Fromage for further information on parliamentary involvement in the ESM in France.

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22 June: ECB accepts Greek bonds as collateral again

June 22, 2016

The ECB Governing Council has decided to reinstate the waiver of minimum credit rating requirements for marketable instruments issued or guaranteed by the Hellenic Republic, subject to special haircuts. This means they can now again be used as collateral in Eurosystem monetary policy operations. It also means that purchases of Greek bonds by the ECB […]

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14 January: Greece accepts role IMF in financial assistance

January 15, 2016

Before discussing the Greek reform progress at the Eurogroup meeting of 14 January, President Dijsselbloem commented that Greek Finance Minister "Tsakalotos confirmed to me that the Greek government accepts that the IMF needs to be part of the process". Prime Minister Tsipras has always strongly opposed involvement of the IMF in the third Greek financial […]

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27 August 2015: Greek Supreme Court Judge New Head of Government after Resignation Tispras

August 27, 2015

Top Supreme Court judge Vassiliki Thanou was sworn in on Thursday to head a caretaker government that will lead Greece to new elections that are expected to take place on 20 September 2015. On 20 August, only hours after the ESM Board of Directors approved the first loan tranche of the 3rd Greek financial assistance […]

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15 July 2015: Greek Parliament adopts all commitments specified in the Euro Summit statement

July 16, 2015

28 July: IMF self-critical of Greek bailout

July 28, 2016

The Internal Evaluation Office (IEO) of the IMF on Thursday night 28 July has published a highly critical report on the institution's participation in the Greek bailouts. The report on the role of the IMF in the Greek, Irish and Portuguese crises comes at an important moment, as the IMF is still formally to decide on […]

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The ESM, the 3rd Greek package and National Parliaments: Germany – by Malte Kröger

December 17, 2015

Malte Kröger (malte.kroeger@uni-hamburg.de) is currently legal trainee (Referendar) at the Higher Regional Court of Hamburg and a PhD-candidate at the Albrecht Mendelssohn Bartholdy Graduate School of Law at Hamburg’s Law Faculty. Malte is the author of the Report on Luxembourg and the Report on Malta on this website, and is currently also completing the Report […]

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How Europe’s least controversial rescue fund became controversial – by Nik de Boer and Chris Koedooder

August 20, 2015

Nik de Boer and Chris Koedooder are both PhD Researcher at ACELG. (This comment first appeared on the Amsterdam Centre for European Law and Governance (ACELG) blog: https://acelg.blogactiv.eu/2015/07/20/how-europes-least-controversial-rescue-fund-became-controversial/) Note: This comment was first published on 20 July 2015 at the ACELG Blog. On 11 August 2015, the third Greek rescue package, to be provided by […]

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Greek implementation Fiscal Compact part of key Euro Summit deal

July 13, 2015

20150712-eurosummit-statement-greece Part of the statement reads: "Given the need to rebuild trust with Greece, the Euro Summit welcomes the commitments of the Greek authorities to legislate without delay a first set of measures. These measures, taken in full prior agreement with the Institutions, will include: (by 15 July) (…) full implementation of the relevant provisions […]

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10 October: Eurogroup clears way for partial approval of disbursement to Greece by the ESM Board of Directors

October 10, 2016

The Eurogroup adopted the following statement on the first review of the Greek ESM Programme: "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 […]

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The ESM, the 3rd Greek package and National Parliaments: Portugal – by Rita De Brito Gião Hanek

December 16, 2015

Rita De Brito Gião Hanek is a lawyer and legal consultant working with governmental and nongovernmental organizations on public law, public international law and international human rights law projects and is also co-author of the Report on Portugal on this website Parliamentary approval of financial assistance provided under the ESM is not required in Portugal. […]

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19 August 2015: German and Dutch Parliament support 3rd Greek assistance package

August 19, 2015

Today the German Bundestag voted in favour of the 3rd financial assistance package for Greece, with 453 votes in favour and 113 against (18 abstentions). The German Finance Minister had asked for the formal approval by the Bundestag. This approval is necessary for the German government representative to agree to adoption by the ESM Board […]

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8 July 2015: Greek government formally requests ESM assistance

July 12, 2015

See below for the text of the formal request: ESM loan request letter 8 July 2015  

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15 November: former Greek Finance Minister Papaconstantinou presents new book at EUI

November 15, 2016

Today George Papaconstantinou, former Finance Minister of Greece and author of ‘Game Over: The Inside Story of the Greek Crisis’, the point man in the Greek economic and financial crisis, presented his his new book at the EUI and gave the insider's view of the Greek Crisis as experienced by him. When he became Finance […]

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15 December 2015: Greek Parliament approves new milestones

December 16, 2015

In its statement of 14 August 2015 on the ESM Programme for Greece, the Eurogroup stated: "The first tranche under the ESM programme of EUR 26 bn will consist of two sub-tranches. The first sub-tranche of EUR 10 bn will be made available immediately in a segregated account at the ESM for bank recapitalisation and […]

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Europeanizing the Eurozone – by Tomas Dumbrovsky

July 31, 2015

Tomas Dumbrovsky (J.S.D. Candidate at the Yale Law School, Assistant Professor at Charles University in Prague and author of the Reports on the Czech Republic and Slovakia) (This comment first appeared on I-CONnect: http://www.iconnectblog.com/2015/07/europeanizing-the-eurozone/) The way the Greek debt crisis was handled in the last weeks has been a public relations nightmare. The more or […]

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24 February 2015: Extension of Greek programme agreed by Euro Area Finance Ministers

February 24, 2015

On 24 February 2015 the Finance Ministers of the Euro Area agreed on a 4 month extension of the Greek EFSF Programme (Master Financial Assistance Facility Agreement). National procedures will now start with a view to have a final approval of the extension. See the section of this website on Early Emergency Funding for the […]

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5 December: Eurogroup agrees on short-term debt sustainability measures for Greece

December 5, 2016

The Eurogroup of 5 December 2016 discussed the sustainability of Greek public debt with the objective to regain market access. In this context, the Eurogroup endorsed today the full set of short-term measures on the basis of proposals by the ESM and preparatory work by the EWG, which will be implemented by the ESM following […]

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13 December 2015: ESM Managing Director Regling says Grexit not excluded

December 14, 2015

In an interview with Greek newspaper To Vima the Managing Director of the ESM Klaus Regling commented: "The monetary union was designed in a way that no exit of any country was anticipated. Therefore, there is no framework for that. Greece has agreed to implement reforms which are necessary so that its partners can provide […]

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