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Eurogroup endorses short-term debt relief measures for Greece

Xinhua, December 6, 2016 Adjust font size:

The Eurogroup on Monday endorsed short-term debt relieving measures for Greece proposed by the European Stability Mechanism (ESM) which will have "a significant positive impact" on the sustainability of Greek debt.

Eurogroup President Jeroen Dijsselbloem said they are also ready to use medium-term measures when necessary at the end of the program or the second half of 2018.

ESM chief Klaus Regling told the same conference that the short-term debt measures will begin to be implemented in the coming weeks.

IMF staff reconfirmed Monday its intention to recommend to the Fund's executive board a new financing arrangement for Greece as soon as possible once staff-level agreement is reached.

"It was clear that more work has to be done. The institutions are prepared and stand ready to return to Athens to work on it," said Dijsselbloem.

The Eurogroup noted that staff-level agreement should include measures to reach the agreed fiscal target for 2018 (a primary balance of 3.5 percent of GDP), as well as reforms to enhance growth, including further substantial reforms of the labor market. Endit