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Eu Commission signed the memorandum


Eu Commission signed the memorandum
In an official communication, the European Commission reports that late Wednesday, the European Commission signed the Memorandum of Understanding (MoU) with Greece on a new support and stability program. The European Stability Mechanism (ESM), Europe’s firewall created in 2012 in response to the global economic crisis, will be able to pay up to 86 bn. Euros in loans over the next three years, provided that the Greek authorities implement reforms to address the fundamental economic and social challenges, as identified in the MoU.
After months of intensive negotiations, the program will help remove the uncertainty, and stabilise the economic and financial situation and will assist Greece in returning to sustainable growth, based on sound public finances, enhanced competitiveness, functional financial sector, job creation and social cohesion, notes in its communication the European Commission.