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This article was published on February 19, 2015 at 15:52.
The last change is the February 19, 2015 at 16:09.
Here is the text of the letter sent today by the Minister of Finance greek Yanis Varoufakis to the president of the Eurogroup Jeroen Dijsselbloem.
“Dear President of the Eurogroup, during the last five years the greek people made extraordinary efforts of economic adjustment. The new government is committed to a wider and more extensive reform process with the aim to sustainably improve the prospects for growth and employment, achieving a sustainable debt and financial stability, increasing social equity and mitigating the significant social costs of crisis.
The Greek authorities recognize that the procedures agreed with the previous government have been interrupted by the recent presidential and parliamentary elections and that, consequently, numerous technical agreements have been invalidated. The Greek authorities comply with the financial obligations contracted by previous governments against all creditors, as well as affirm their intention to collaborate with partne rs to avoid technical difficulties in the context of the MFA (Master Facility Agreement) that we recognize as binding as to its content financial and procedural. In this context, the Greek authorities are now calling for the extension of the Master Financial Assistance Facility Agreement for a period of six months of its term, during which we will proceed together, making the best use of the flexibility given by this Agreement, to a favorable conclusion and to monitor based on the proposals of both the government greek both institutions.
The purpose of the request for extension of six months of the period of the agreement is:
a) Discuss the financial and administrative mutually acceptable, the implementation of which, in collaboration with institutions, stabilize the financial position of Greece, will achieve adequate primary surpluses of budget, will ensure stability of debt and assist in obtaining the fiscal targets for 2015, taking into account the current economic situation.
b) Ensure, working closely with our European and international partners, that any new measure has financial coverage, avoiding any unilateral action that could jeopardize the budgetary targets, the economic recovery, financial stability.
C) To allow the ECB to reintroduce the exemption in accordance with its rules and procedures;
D) Extend the availability of bonds held by the EFSF HFSF (Financial Stability Fund greek, ed) for the duration of the agreement;
E) Start the work between the technical groups for a possible new contract for Recovery and Growth that the Greek authorities provide between Greece, Europe and the IMF that could follow the current agreement;
F) Agree monitoring in the EU and the ECB and, in the same spirit, with the International Monetary Fund for the duration of the Agreement
G) Discuss the ways to apply the decision of the Eurogroup of November 2012 on possible further measures on debt and assistance for the application after the completion of the Agreement and extended as part of the next contract.
In view of the above, the greek government expresses its determination to cooperate closely with the EU institutions and the IMF to: a) achieve fiscal stability and financial and (b) allow the government to undertake the substantial greek, deep reforms needed to restore the living standards of millions of Greek citizens through sustainable economic growth, a decent level of employment and social cohesion.
Sincerely Yanis Vaorufakis, Finance Minister of the Hellenic Republic. “
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