GREECE CRISIS: ESM, approved “in principle” plan … – BBC

16:38 MILAN (Dow Jones) – ” The ESM has approved, in principle, a new financing program for Greece. ” And ‘what is said in a statement released by the fund ESM. “The decision follows the completion of the necessary procedures by the national parliaments of some European states and is based both on the ratings of both institutions on the proposal by the director general of the fund Klaus Regling”. “This decision opens the way for negotiations by the institutions, a Memorandum of Understanding (MoU) that will define ‘in detail the macroeconomic reforms, conditions or policies, on which depends the ESM financial assistance,” it said in the document. At the same time Regling “will prepare ‘a proposal to the loan agreement with Greece”, the Financial Assistance Facility Agreement (FFA). “Once ready the MoU, the ESM will ‘re-evaluation, involving the national parliaments of some Member States. The European Commission will have to’ sign the memorandum.” Regling said that the ESM “appreciates that the Greek Government and Parliament have voted in favor of reforms with such a ‘large majority. This’ paved the way to our decision today to start on a new aid plan. Let me point out that, thanks to the implementation of reforms, Greece I start ‘to grow in 2014, unemployment beginning’ to fall and the country I regain ‘market access. The ESM has a capacity’ residual loan of 455 billion, but only a small fee will be ‘necessary’ to help Athens. b (end) AFX NEWS 1716: 38 July 2015