Verklaring over overeenstemming eurogroep voor 110 miljard euro steun aan Griekenland (en)

The Second Vice-president of the Spanish government and Minister of Economy and Finance, Elena Salgado, participated this Sunday in an extraordinary Eurogroup meeting that agreed an international aid package of 110,000 million Euro for Greece for the period 2010-2012, of this, 80,000 million will come from the Eurozone.

Elena Salgado highlighted that the Spanish contribution to aid Greece will be 9,792 million Euro for the three-year period from 2010 to 2012, of which, 3,672 million will be paid this year, as agreed in April.

"For Spain, in this year 2010, (the contribution will be) the same amount as initially agreed: 3,672 million Euro. And in total, over the three years, 9,792 million, 12.24% of the total 80,000 million".

The Spanish vice-president made this statement after the meeting of the Eurozone Finance ministers held in Brussels and she explained that, unlike other Eurozone countries, the Spanish contribution to Greece need not pass any parliamentary proceeding, but it can be approved "by decree law", which will happen "probably on the seventh", in order to "provide aid for Greece immediately".

Salgado explained that the European Commission will be responsible for setting the schedule in which the Member States must liberate funds but stressed that "Greece needs the first contributions on 19 May" and she said that "the first part will be available before that date".

The Spanish head of Economy described as "very ambitious" the adjustment plan announced by the Greek government, with which Athens plans to save 30,000 million Euro, 11% of its GDP, to reduce its public deficit to under 3% in 2014.

The Eurogroup president, Jean-Claude Juncker, announced in a press conference that “we have decided to activate the aid plan for Greece".

However, before making the first contributions, parliamentary proceedings for bilateral loans must be completed in some Member States in the next few days.

Juncker made it clear that the Greek authorities will have the money in time for 19 May, the due date of an important Greek public debt.

The Eurogroup president also announced an extraordinary summit of Eurozone leaders on 7 May to evaluate the processing of the loans at national level.

During the same press conference, the president of the European Central Bank (ECB), Jean-Claude Trichet, applauded the decision and assured that the three-year adjustment plan is subject to strict conditions.

In this context, the European Commissioner for Economic and Monetary Affairs, Olli Rehn, declared that “it is an important day for Greece and for financial stability and the Euro".