Leaders of euro area Member States approved a final plan for the financial support of Greece, that the next three years the country will receive 110 billion loans with interest lower than the market, writes Dnes.bg, citing BTA. 80 billion euros will be allocated by the 16 member states of the Eurogroup, about a third of them must be provided this year. The remaining 30 billion will be allocated by the IMF. Athens is expected to receive the first tranche of aid more in the coming weeks. Disbursement has already been approved by governments. The plan was adopted by the Greek Parliament, despite mass protests in the country against him. “The current situation is exceptional and requires exceptional measures. Approved the final declaration, which includes two parts – for Greece and the current crisis situation,” said a news conference after the meeting of permanent European Union president Herman van Rompoy at whose initiative was convened forum. After the meeting, leaders said the euro area as a priority the maintenance of sound public finances. To this end, the greater surveillance of financial markets, whose transparency must be strengthened. Moreover, much wider will be used criminal procedure in case of excessive government deficits. “We are ready to strengthen rules and procedures for surveillance of member countries of the euro area, including through the strengthening of the Pact for Growth and Stability through the most effective sanctions, stated in the Declaration which was adopted at a meeting in Brussels tonight. Furthermore, the EC will propose specific European common mechanism to maintain stable finances.
The mechanism by which EU countries can receive assistance to deal with future financial crises will be discussed at an emergency meeting of economic and finance ministers on Sunday. The decisions of today’s meeting not only in support of Greece, is in the interest of the entire euro zone, said Commission President Jose Manuel Barroso after the meeting.