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The Economic Adjustment Programme for Greece

Author(s): European Commission

The Economic Adjustment Programme for Greecepdf(600 kB) Choose translations of the previous link 

This publication is available in Greek: Το Πρόγραμμα Οικονομικής Προσαρμογής για την Ελλάδαpdf Choose translations of the previous link 

A joint EC/IMF/ECB mission visited Athens from 21 April to 3 May 2010 following a request for international financial assistance from Greece.

On 2 May the mission concluded a staff level agreement for a joint euro area / IMF financing package of EUR 110 billion and supporting economic policies. On the same day the Eurogroup agreed to activate stability support to Greece via bilateral loans centrally pooled by the European Commission. On 9 May the IMF executive board approved a Stand-By Arrangement. On 18 May 2010, the euro area Member States disbursed their first instalment of EUR 14.5 bn of a pooled loan to Greece, following a disbursement of EUR 5.5 bn from the IMF.

This report by European Commission staff provides an overview of the challenges faced by Greece, discussions with the authorities, and the objectives and design of the economic and financial programme.

This document contains as

  • attachment I: the Memorandum of Economic and Financial Policies (MEFP)
  • attachment II: the Memorandum of Understanding on Specific Economic Policy Conditionality (MoU)
  • attachment III: the Technical Memorandum of Understanding (TMU)


(European Economy. Occasional Papers 61. May 2010. Brussels. Internet only. 93pp. Tab. Graph. Ann. Bibliogr. Free.)

KC-AH-10-061-EN-C (online)
ISBN 978-92-79-15074-6 (online)
ISSN 1725-3195 (online)
doi: 10.2765/46750 (online)

Occasional Papers are written by the staff of the Directorate-General for Economic and Financial Affairs, or by experts working in association with them. The Papers are intended to increase awareness of the technical work being done by staff and cover a wide spectrum of subjects. Views expressed in unofficial documents do not necessarily reflect the official views of the European Commission.

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