TEXT: Greece Reform Proposals to Brussels Summit Triad Creditors

CORRIGENDUM

Reforms for the completion of the current programme and beyond

Introduction

This document presents a full summary of the reforms and legislative projects that the Government of Greece will undertake and implement under the terms of the February 20, 2015 extension of the MFAFA. It is presented to Greece’s partners in order to complete the review of the current arrangement by the target date of the end of June 2015, so that Greece and its partners can to launch a new partnership and new chapter for Greece that gives clarity to the people, in the young and unemployed.

These reform proposals are part of an integrated three pillar approach that includes a new financing arrangement and support from European partners for growth and investment. On financing, completion of the review will unlock short-term financing that will permit the Greek government to meet its immediate obligations and thus allow for the stabilisation of economy. It should also lead to a medium-term financing arrangement that will enable Greece to sustainably regain market access.

These reforms will take time to bear fruit, and whilst long-term recovery will need to be financed privately, kick-starting the flow of investment funding will require an initial boost. Greece must be allowed to benefit from the substantial means available from the EU budget and the EIB to support investment and reform efforts.

For the period 2007-2013, Greece was eligible for EUR 38 billion in grants from EU policies, and should be allowed to benefit from the currently remaining amounts under this envelope.

For the 2014-2020 period, more than EUR 35 billion is available to Greece through EU funds, and to help their absorption, the European Commission’s Investment Plan for Europe should provide an additional source of investment as well as technical help for public and private investors to identify, promote and develop high-quality and feasible projects to fund.

This investment will also help the Greek state in its fight against poverty by increasing employment and helping with social inclusion initiatives.

We understand the Commission is ready to adopt such a plan immediately and count on the other EU institutions for their joint support.