greek propositions for the bailout

8/9/2019 Greek propositions for the bailout

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11/2/2015 - YANIS VAROUFAKIS TALK IN THE 11TH FEBRUARY2015 EUROGROUP MEETING

Mr Preside!" #$er%e &i'sse()(%e*+

&e,r %((e,.es"

I! is , .re,! %%r %r *e !% '%i !is Er%.r% *ee!i. ,s i,3e *iis!er i!e e4( e(e3!ed Gree6 .%7er*e!8

O $,,r 25!" !e Gree6 e%(e s!r%.( *,d,!ed s !% !er*i,!e !e 33(e% ,s!eri! !,! ,s 3,sed e3%%*i3 d,*,.e ,d i**ese s%3i,( 3%s!s8

Te e4 .%7er*e! (ed ) A(e9is Tsir,s ,s 3%**i!!ed !% )ri. ),36 %e"di.i! ,d ride !% Gree6 3i!i:es ,d !% i*(e*e! , 3%*reesi7e %(i3,.ed, !% de,( 4i! !e r%%!s % Gree3e;s s%3i%-e3%%*i3 der-er%r*,3e8

F%r i7e e,rs %4" *, % % ,7e se! ed(ess %rs dis3ssi. 4,s ,d*e,s % de,(i. 4i! e! ,%!er eis%de % !e ed(ess s,., !,! see*s !% )e!e Gree6 3risis8

I ders!,d %r ,!i.e8 I ders!,d !,! Er%e ,s ,d e%. % Gree6dr,*,s8 B! )e(ie7e *e< Te Gree6 e%(e !e*se(7es ,7e ,d *3 *%re!, e%. % i! !%%8

I! is %r ,i* ,d %e !,! !is *ee!i." ,d *,)e %e %r !4% *%re" 4i(( )e !e(,s! %es !% e,!re Gree3e % !e ,.ed,8 M .%7er*e! 4,s e(e3!ed i %rder

!% s!,)i(i:e" !% re%r*" !% .r%4 Gree3e ,d !s !% !,6e i! %! % !e e,d(ies ,d% !e Er%.r%;s !re ,.ed,8

B! irs! !i.s irs!8 Firs!" 4e *s! e,r , 7er re3i%s 3rre3 4i!%!de(e!i. , i*%r!,! 3,i!,( .%%d< =e *s! e,r %r !rs! 4i!%! (%si. !e!rs! % %r e%(e > % !e 7%!ers ,*%.s! 4i3 4e e'%" %r %4" si:e,)(e,r%7,( r,!i.s8 F%r s3 ,r%7,( is , i*%r!,! 3,i!,( .%%d i Er%e;ss!r..(e !% s%r! Gree3e %! ,d !% reder i! s!,)(e ,d" ideed" %r*,(8

I !is !i*e % 3,.e" 4e e,r %r 3%3ers ,)%! %r .%7er*e!;s i!e!i%s8=e eed" 3(e,r(" !% ! !e* !% res!8

I ,* ere !%d, !% 3%7e !% % , 3(e,r *ess,.e % !e e4 .%7er*e!;sr%.r,* ,d 3%**i!*e!s !% i!s Er%.r% ,r!ers8

(Government Commitments)

Gree3e" ,s , *e*)er % !e Er%:%e" is (( 3%**i!!ed !% id , s%(!i% '%i!(dis3ssed )e!4ee ,r!ers" i %rder !% s!re.!e %r *%e!,r i%8

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=e ,re 3%**i!!ed !% 3%%er,!e i .%%d ,i! 4i! ,(( %r Er%e, ,di!er,!i%,( ,r!ers" % , e?,( %%!i.8

Or 3i!i:es ,7e re'e3!ed !e r%(e % !e @Tr%i6,; i Gree3e8 Or .%7er*e! 4i((

%4e7er *,i!,i di,(%.e ,d 3%!ie !% 3%%er,!e (( 4i! !e Er%e,%**issi%" !e EB ,d !e IMF ,s , *e*)er 3%!r % !e Er%e, Ui%"!e Er% Are, ,d !e Fd8 Or !re 3%%er,!i% s%(d )e ),sed % *!,(!rs! ,d rese3! ,d 3,e((ed ri*,ri( !r%. !e Er%e, %**issi%4i(e 4e 4%r6 4i! e,3 % %r ,r!er is!i!!i%s i !eir se3ii3 ,re,s %e9er!ise ,d 3%*e!e3e8

=e ,re 3%**i!!ed !% s%d )(i3 i,3es8 Gree3e ,s *,de , 7,s! ,d's!*e!%7er !e ,s! i7e e,rs ,! i**ese s%3i,( 3%s!8 I!s dei3i! is %4 )e(%4 i%*i,( !er*s" d%4 r%* 15 i 20108 I!s ri*,r sr(s ,s re,3ed 185 ,!!e ed % (,s! e,r" i!s s!r3!r,( ),(,3e" ,s *e,sred ) !e IMF" ,s re,3ed

, sr(s % 18C" !e )es! er%r*,3e i !e EU8

Te e4 .%7er*e! !,6es !is ,d's!*e! ,s i!s %i! % de,r!re8 =e 4is%4 !% *%7e %r4,rd" % !e ),sis % , e4 *!,(( )eei3i,( ,r!ersi 4i!%r Er%e, ,r!ers8

=e ,re 3%**i!!ed !% dee s!r3!r,( re%r*s8

Or re%r* ,.ed, ,i*s ,! re-3re,!i. 3%ide3e ,*%. Gree6 3i!i:es" .r%4!i !e e3%%*" ,d 3redi)i(i! i Er%e8 I! re3%.i:es !e eed %r dee re%r*s!% ,3%r !e (%.-!er* r%seri! % Gree3e 4i!i !e Er%:%e8

Or .%7er*e! 4i(( )e !e *%s! re%r*-%rie!ed .%7er*e! i Gree6 *%deris!%r" ,d ,*%. !e *%s! e!si,s!i3 re%r*ers i Er%e8 =D Si*()e3,se 4e ,re %! !ied !% , i!eres! .r%s8 =e 4i(( de(i7er res(!s %r !ee%(e" %! %r rieds %r ,!r%s8

=e 4i(( %! %( 3%**i! !% re%r*s" 4e 4i(( de(i7er !e*8

Tis *%ri. !e OE& Se3re!,r Geer,( ,s ,.reed !% ,ssis! s i !is !,s68Y%r e(" !e %**issi%;s e(" !e IMF;s e(" 4i(( ,(s% )e e3ess,r ii*%r!,! ,re,s 4ere %4er( %%si. i!eres!s ,re e!re3ed ,d !e%(i!i3,( 3,((e.es ,re ese3i,(( .re,!8 =e *, )e , ie9erie3ed.%7er*e! )! 4e ,7e si:e,)(e s%r! r%* , ed %(,!i% !% 3! !r%.%! 's! red !,e )! ,(s% !% 3! !r%. !e G%rdi, 6%! % 7es!ed i!eres!s8

=e s!,d re,d !% s%r! s!r3!r,( re%r*s re7i%s( ,.reed 4i! %rEr%.r% ,r!ers 4i! re.,rd !% !,9 3%((e3!i%" )(i3 i,3i,( *,,.e*e!")(i3 ,d*iis!r,!i% re%r*" i*r%7e*e! % !e )siess 3(i*,!e" re%r* % !e

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'di3i,r" s,!i,( (,i. ,d i.! ,.,is! re!-see6i.8 Te ,re (( 3%sis!e!4i! %r %(i!i3,( *,d,!e" ,d 4e 4i(( e7e ,33e(er,!e !e*8

=e 4i(( !,6e re3ede!ed ,3!i% !% i.! 3%rr!i%" !% i.! !,9 e7,si% ,desre !,9 e%r3e,)i(i!" 4i! , e*,sis % !r,ser ri3i. i (,r.e 3%r%r,!es

,3!i7e ,)r%,d8

=e 4,! !% dis3ss (e.is(,!i7e r%%s,(s !% rei%r3e !e (e.,( r,*e4%r6 %r ,ideede! !,9 ,!%ri!8

Te3i3,( ,ssis!,3e r%* % % !ese isses 4i(( )e 3ri!i3,(" %! (e,s! )e3,se i!4i(( e,3e !rs! )e!4ee s ,d %8

A (( (e.is(,!i7e ,36,.e 4i(( 3re,!e ,7%r,)(e 3%di!i%s %r !e e3%%*"i*r%7e !e )siess 3(i*,!e ,d der*ie re!-see6i." i ,r!i3(,r i !e %i(se3!%r" r%3re*e!" !e 3%s!r3!i% se3!%r" !e i,3i,( se3!%r" ,d !e *edi,8

=e 4i(( *,6e )(i3 r%3re*e! r%3edres *%re !r,s,re! !,6s !% , *%re3e!r,(i:ed ss!e*" ei3ie! *%i!%ri. ,d e-r%3re*e!8

=e 4i(( i*r%7e !e %7er,(( ei3ie3 % !e )(i3 se3!%r !% i3re,se !e ?,(i!% ser7i3es de(i7ered !% e7er 3i!i:e ,d !,36(e ,d*iis!r,!i7e )rde8

I ,ddi!i%" 4e 4i(( r%%se , e4 se! % %*e-.r%4 re%r*s !% s%r!i7es!*e!" res!,r! .r%4!" ,d i*r%7e e3%%*i3 ei3ie38

I7es!*e! s%(d )e re7i7ed" i Gree3e ,d i !e 4%(e Er%e8

=e 4,! !% re7i7e ir,s!r3!re r%'e3!s 4i! )(i3 ,d ri7,!e i7es!%rs ,d !es%r! % !e EU8 Ideed" 4e ,7e s%*e i%7,!i7e ide,s % %r %4 !,! *,e( *%)i(i:e id(e s,7i.s i!% r%d3!i7e i7es!*e!s !r%.%! !e %!ie!"i s%r! % !e 3rre! e%r!s % !e %**issi% !% e,3e i7es!*e! ,d %!e Er%e, e!r,( B,6 !% s!e* de(,!i%,r %r3es8

Re!ri. !% Gree3e" 4e 4,! !% i7es! !% red3e eer. 3%s!s %r *edi* ,d(,r.e s3,(e ids!ries" !% s%r! i%7,!i%" s!,r!-s ,d !% r%*%!e , si!!%4,rds se3!%rs 4i! 3%*,r,!i7e ,d7,!,.es ,d e9%r! %!e!i,( s3 ,s,r*,3e!i3,(s" %r.,i3 ,.ri3(!re" (i.! *,,3!ri." eer. res%r3es" 4i!!e e*,sis ,!r,(( % ree4,)(es8

O ri7,!i:,!i% ,d !e de7e(%*e! % )(i3( %4ed ,sse!s" !e .%7er*e!is !!er( d%.*,!i3 4e ,re re,d ,d 4i((i. !% e7,(,!e e,3 ,d e7er %er%'e3! % i!s *eri!s ,(%e8 Medi, re%r!s !,! !e Pires %r! ri7,!is,!i% 4,sre7ersed 3%(d %! )e r!er r%* !e !r!8 Ideed" ?i!e !e %%si!e %(ds ,s%rei. dire3! i7es!*e! 4i(( )e e3%r,.ed ,s (%. ,s !e s!,!e se3res ,

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s!re,* % (%. !er* re7ees ,d , s, i (,)%r re(,!i%s ,d e7ir%*e!,(isses8

i36 ire s,(es % )(i3 r%er!" ,! , !i*e 4e ,sse! ri3es ,re dee(deressed" is %! s%*e!i. !,! ,%e 4%(d ,d7%3,!e8

Is!e,d" !e .%7er*e! 4i(( 3re,!e , de7e(%*e! ),6 4i3 4i(( i3%r%r,!es!,!e ,sse!s" e,3e !eir e?i! 7,(e !r%. re%r*i. r%er! ri.!s ,dse !e* ,s 3%((,!er,( %r !e r%ses % r%7idi." i ,ss%3i,!i% 4i! Er%e,i7es!*e! is!i!!i%s s3 ,s !e Er%e, I7es!*e! B,6s" di. !% !eGree6 ri7,!e se3!%r8

=e 4,! !% !,6e ,ddi!i%,( *e,sres !% 3(e,- %-er%r*i. (%,s i !e),6i. se3!%r !% reder !e ),6s ,)(e !% s%r! SMEs ,d %se%(ds8

Se7er,( *is(e,di. re%r!s ,7e 3,sed *isders!,di.s 4i! %r ,r!ers )

isi,!i. !,! 4e ,7e r%((ed ),36 re7i%s re%r*s ,d ,dded !% %r s!,!e)d.e!8 O !e 3%!r,r" !e *e,sres ,%3ed ) !e Pri*e Miis!er 4i!rese3! !% reiri. !,9 %i3e 3(e,ers" s3%%( .,rds ,d !e s!, % !e )(i3)r%,d3,s!i. e!4%r6< #1+ ,7e % ,d7erse ee3! % 3%*e!i!i7eess ,d #2+,7e % is3,( )e,ri. ,s !e 4i(( )e ,id %r e!ire( ) %!er s,7i.s i !es!,!e )d.e!8 F%r e9,*(e" !e 4r%.(( dis*issed s!, !,! 4i(( )e reired*)er 201 e%(e" , !i *)er !,! *s! )e '9!,%sed ,.,is! !e 15!%s,d iri.s !,! ,re ,(re,d is3ri)ed i !e 2015 )d.e! !,! !e re7i%s.%7er*e! ,ssed8

O !4% %!er e*%!i7e !%i3s" (e! *e 3(,ri !,! !e res!%r,!i% % !e esi% 3!s

4e ,%3ed 3%3er esi%ers (i7i. ,! %r )e(%4 !e %7er! (ie ,d 3%*es !% (ess !, 2 er%s er d, er e(i.i)(e esi%er > ,! , .r,d !%!,( % ,r%d85 *i((i%8 Te re,s% 4e *,de !is ,%3e*e! is %e !,! I s,(( re!r !%",s I *s!" dri. %r dis3ssi%s< Te ,,((i. *,i!,ri, 3risis 3,sed )!e de)!-de(,!i%8

O !e *ii** 4,.e" !e .%7er*e! 4i(( ,se i i!s res!%r,!i% !% !e 2012(e7e( .r,d,((" r%* Se!e*)er %4,rds ,d ,!er 3%s(!,!i% 4i! e*(%ers,d !r,des i%s8 As i! ,(ies %( !% !e ri7,!e se3!%r" i!s is3,( i*,3! 4i(( )e"i ,!i." ?i!e %si!i7e" ,s i!s *(!i(ier ee3! is (,r.e ,d (i6e( !% )%%s! !,9re7ees )e%d !e ,e3!ed e*(%ees8 =i(( i! red3e 3%*e!i!i7eess % !eri7,!e se3!%rD Te .%7er*e! 3%**i!s !% re%r*s" e8.8 i s%3i,( se3ri!"red3i. !e !,9 4,.e !,! 4i(( esre i! d%es %!8

(A New Partnership)

Te e4 ,r!ersi 4e r%%se !% % s%(d )e ),sed % re,(is!i3 .%,(s ,dei3ie! %(i3ies8

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=e re3%.i:e !,! !e re7i%s ,d's!*e! r%.r,* re(e3!ed 3%**i!*e!s*,de ) )%! Gree3e ,d i!s Er%.r% ,r!ers8

=e re3%.i:e !e !re*ed%s e%r!s *,de ) %r 3%!ries; !,9,ers !%s%r! Gree3e;s de)! ,d *,i!,i !e i!e.ri! % !e er%8

H%4e7er" re,(is!i3" se(-dee,!i. is3,( !,r.e!s ,7e )ee i*%sed % %r3%!r ,d %(,!i% ,d e3e *s! )e re7ised8 A ri*,r sr(s !,r.e! %85 % G&P e,r-i-e,r-%! ,s % is!%ri3,( re3ede! i , si!,!i%rese*)(i. !,! % Gree3e !%d,8 I! 4i(( si*( %! )e %ssi)(e %r %r 3%!r !%.r%4 i 4e re*,i % !e .r%4! s,i. ,s!eri! ,! i*%sed % %r e3%%*8I! is ,(s% ?i!e i3%sis!e! 4i! ,3ie7i. , ss!,i,)( red3ed de)!-!%-G&Pr,!i%8 Te e4 3%!r,3! 4e r%%se !% dis3ss 4i! % s%(d re3%.i:e !ise7ide3e8

%!ied ri*,r sr(ses 4i(( re*,i %r *,!r,8 =e r%%se , *,9i**185 % G&P ri*,r sr(s %)'e3!i7e" r%* ,s s%% ,s !e rese! dis!r)ede3%%*i3 si!,!i% ,s s!,)i(i:ed ,d %r ,s (%. ,s e3ess,r !% ,3ie7e !eder(i. .%,(s8 Tis %)'e3!i7e 3, )e s%4 !% )e si3ie!" der 7erre,s%,)(e ,ss*!i%s" !% ! !e de)! !r,'e3!%r % , d%44,rd ,!8

Te e4 3%!r,3! 4i(( )i(d % re%r*s !,! ,re @%4ed; ) 3i!i:es; ,dd%*es!i3 is!i!!i%s" si. *, e(e*e!s r%* !e re7i%s( ,.reed %(i3,.ed,8 Tis ,(s% *e,s !,! !e %e % s,red r%seri! *s! )e re7i7ed8

=e 4is !% dis3ss 4i! % !is %*e-.r%4 ,.ed, !,! re(e3!s )%! %r%!e!i,( ,d se3ii3 3%s!r,i!s8 =e 4is %r .r%4! !% )e i3(si7e" ),sed %i7es!*e!" ,d r%d3!i7i! .,is8 Gr%4! ),sed % r!er (,)%r 3%s!3%*ressi% 3,%! 4%r6 i Gree3e ,d ,s )ee re'e3!ed ) %r e%(e8

B,sed % *%re re,(is!i3 ri*,r sr(s !,r.e!s ,d %r %*e-.r%4" 4%((%4ed" re%r* ,d .r%4! ,.ed," !e e4 3%!r,3! 4e r%%se 4i(( res!%re ,ss!,i,)(e de)! !r,'e3!%r8

=e i7i!e !e IMF !% 4%r6 4i! s !% ,ssess Gree6 de)! ss!,i,)i(i! )i(di. %!e .%7er*e!;s 3%**i!*e!s8 Tis e4 &SA s%(d re(e3! !e 3%3essi%,(e,!res % Gree6 de)! de !% i!s 7er (%. *,!ri! ,d (%4 i!eres! 3,r.e8

I! is r%),)(e %4e7er !,! ,ddi!i%,( *e,sres 4i(( )e re?ired !% esreGree3e;s 3,,3i! !% re-,33ess !e i,3i,( *,r6e!s8

Er%.r% 3%**i!!ed i N%7e*)er 2012 !% !,36(e !is isse %3e Gree3e 4%(d%s! ri*,r sr(ses" 4i3 4,s !e 3,se i 201 ,d 4i(( )e !e 3,se i 2015

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%3e !e 3rre! si!,!i% s!,)i(i:es8 Tis dis3ssi% s%(d )e re%eed 4e4e 4i(( dis3ss %r e4 3%!r,3!8

Gree3e 4i(( s!,d re,d !% *,6e 3%3re!e r%%s,(s !% i!s ,r!ers" i de !i*e"% , *e % i%7,!i7e is!r*e!s !% red3e !e de)! )rde ei3ie!("

i3(di. de)! s4,s8

M%re%7er" 4e )e(ie7e !,! , )r%,der dis3ssi% % de)! isses i Er%e ise3ess,r8 =e 4e(3%*e Mr &i'sse()(%e*;s re3e! s!,!e*e! i %r '%i! ress3%ere3e i A!es !,! !e Er%.r% is !e r%er %r* !% ,3! ,s ,er*,e! Er%e, de)! 3%ere3e" ,ddressi. de)! r%)(e*s i Er% ,re,*e*)er S!,!es8 =e !ere%re r%%se !% 3re,!e , se3ii3 Er%.r% 4%r6i..r% .,!eri. *e*)er s!,!es; rerese!,!i7es ,d e9er!s8

(A Bridge Program)

A.reei. % , e4 %(i3 r,*e4%r6 )e!4ee Gree3e ,d i!s Er%.r% ,di!er,!i%,( ,r!ers 4i(( !,6e s%*e !i*e8

I !e *e,!i*e" 3%7eri. Gree3e;s i,3i. eeds %7er !e e9! *%!s is ,i**edi,!e 3%3er %r ,(( % s8

U!i( $e" Gree3e ,3es 582) ,*e!s !% !e IMF< %r .%7er*e! is ((3%**i!!ed !% %%r !ese ,*e!s" %ssi)( dire3!( !% !e IMF8

T% *ee! %r i**edi,!e ,*e! %)(i.,!i%s" 4e ,s6 !e Er%.r% !% dis)rse !%Gree3e !e %!s!,di. 18) SMP )%d-re(,!ed Er%ss!e* i3%*e" i

,33%rd,3e 4i! i!s re7i%s 3%**i!*e!s8 =e ,re" i ,3!" %e !% !e ide, !,!!e EB !r,sers !ese ds dire3!( !% !e IMF i (ie % Gree3e; %!s!,di.re,*e!s8

M%re%7er" 4e r%%se !% 4%r6 r.e!( % , )rid.e i,3i. *e3,is* !%esre Gree3e;s (i?idi! %si!i% %7er !e 3%*i. *%!s8

I $( ,d A.s!" C8J) re,*e!s ,re s3ed(ed !% !e EB #,s !e %(der% SMP )%ds+" % !% % ,ddi!i%,( ,*e!s !% !e IMF8 Tese ,*e!s 3re,!e7er e93e!i%,( ressre % Gree3e;s di. eeds i 20158

=e ,re 3%ide! !,! , ,.ree*e! 3, )e re,3ed )e%re !e s**er" %!,)(4i! !e IMF;s i!" !,! 4%(d r%7ide s%(!i%s ,d di. s%r3es !% 3%7er!ese eeds8

(Technical Extension)

Le! *e 3%3(de %4 % !e !e3i3,( ,d (e.,( isses 3%3eri. !e e9is!i.(%, ,.ree*e!8

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=e (( ders!,d !,! !e d,!es ,ss%3i,!ed 4i! !e e9is!i. (%, ,.ree*e!*s! )e *%7ed %r4,rd i %rder !% r%7ide s!,)i(i!" !% .i7e !i*e !% !edis3ssi%s" ,d ,((%4 %r !e dis)rse*e! % SMP )%d-re(,!ed ds ,d%ssi)( %!er ds8 =e re*id % !,! !e rese! de,d(ie % 2/2/2015 ,re

e!ire( ,r!ii3i,(" ,d 4ere !e r%d3! % !e re7i%s .%7er*e!s e(e3!%r,(s!r,!e. ,d desire !% 3%r%! s 4i! !ese dii3(!ies % !,6i. %i3e8 I! is !i*e"i .%%d ,i!" %r !ese *,e7ers !% s!% ,d %r seri%s 4%r6 !% )e.i8

=e s!,d re,d !% ,s6 %r , re7isi% % !ese d,!es i 7ie4 % !e e9! s3ed(edEr%.r% *ee!i. e9! M%d, !e 1C! % Fe)r,r 20158

H%4e7er" (e! *e )e 7er 3(e,r % !is< !e .%7er*e! ,s6s %r !is re7isi% %d,!es % !e 3%di!i% !,! i! is !e s!,r!i. %i! %r .eie e.%!i,!i%s i .%%d,i! %r %r.i. , diere! 3%!r,3! )e!4ee s" ),sed , re,(is!i3 ri*,r sr(se%r! ,d ei3ie! ,s 4e(( ,s s%3i,(( 's! s!r3!r,( %(i3ies > i3(di. % 3%rse

*, e(e*e!s % !e re7i%s r%.r,* !,! 4e ,33e!8 =e eed ,ssr,3es %!is %i!8

=e 3, ,33e! !is re7isi% % d,!es ,s , )rid.e !%4,rds , e4 ,r!ersi ,d, e3ess,r 3%di!i% %r !e dis3ssi%8 H%4e7er" s3 , e9!esi% 3,%! )e!,6e ,s ,3?ies3e3e !% !e (%.i3 ,d ,r!s % !e %r*er ,.ed, !,! ,7e)ee re'e3!ed ) %r e%(e8

=e r%%se !e )rid.e r%.r,* !% 3%7er !e eri%d !i( ed-A.s!8 Tis 4i((r%7ide si3ie! !i*e !% ,.ree % !e !er*s % %r ,r!ersi8 A ,r!ersi !,!4i(( )id %r side !% dee re%r* )! ,(s% ,36%4(ed.e ,d ,ddress Gree3e;s

ide%s *,i!,ri, 3risis" !e %-,7,i(,)i(i! % 3redi! e7e %r r%i!,)(e ir*s",d !e r.e! eed %r i7es!*e!-(ed .r%4!8

&e,r %((e,.es"

Er%e is 4%(e ,d idi7isi)(e" ,d !e .%7er*e! % Gree3e 3%siders !,!Gree3e is , er*,e! ,d ise,r,)(e *e*)er % !e Er%e, Ui% ,d %r*%e!,r i%8

Sre( !ere ,re 7,ri%s 4,s !% %s!er %(i3ies !,! 4i(( !r( r!re ,d e,3ee3%%*i3 .r%4!" *,i!,i is3,( ,d i,3i,( s!,)i(i!" ,d ,ddress !e *%s!ressi. eeds % !e e%(e8

S%*e % %" I 6%4" 4ere dis(e,sed ) !e 7i3!%r % , (e!4i." , r,di3,((e!4i." ,r!8 T% !e* I ,7e !is !% s,< I! 4%(d )e , (%s! %%r!i! !% see s,s ,d7ers,ries8

=e ,re dedi3,!ed Er%e,is!s8 =e 3,re ,)%! %r e%(e dee( )! 4e ,re %!%(is!s r%*isi. ,(( !i.s !% ,(( e%(e8 M%re%7er" 4e 3, 3,rr !e Gree6

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e%(e ,(%. , ,.ree*e! !,! is .eie( )eei3i,( !% !e ,7er,.e Er%e,8I s % 4i(( id !rs!4%r! ,r!ers 4% d% %! see !ese *ee!i.s ,s ,*e,s % e9!r,3!i. s%*e!i. %! % %!i." % .,ii. ,! ,%e;s e9ese8

I (%%6 %r4,rd !% dis3ss 4i! % %4" i , !re siri! % 3%%er,!i% ,d

,r!ersi" ,d !% 4ri!e !%.e!er !is e4 ,.e % %r re(,!i%si8

I !,6 % 7er *3 %r %r ,!!e!i%8

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10/29

1. o!nd and !staina"le P!"lic #inances

Te .%7er*e! 3%**i!s !% *,i!,i , 185 ri*,r is3,( sr(s i 2015"4e !e d%*es!i3 si!,!i% ,s s!,)i(i:ed" ,d !% *,i!,i !,! %)'e3!i7e !i(s3 !i*e ,s %r*,( 3%di!i%s ,re res!%red ,d !e de)! r,!i% is % , 3(e,r

d%44,rd ,!8

T% *ee! !is %)'e3!i7e" !e .%7er*e! 4i(( rer,i r%* sedi. *e,sres !,!*i.! der,i( !e )d.e! !,r.e! ,d i! 4i(( i3re,se e%r!s !% i*r%7e !,93%((e3!i%8 I3re,ses i sedi. 4i(( %3s % i7es!*e!s i,3ed ) !eEr%e, I7es!*e! B,6 ,d %!er %!side s%r3es" ,d % *e,sres,ddressi. !e *,i!,ri, 3risis i3(di. , %%d s!,*s r%.r,*" *ii**e(e3!ri3i! ,d e,!i. ,d ),si3 !r,s%r!8 Is%,r ,s !ese *s! re( %d%*es!i3 res%r3es !e 4i(( )e ),(,3ed ) ,ddi!i%,( re7ees %r %se!!i.sedi. red3!i%s" ,s re?ired !% *,i!,i !e is3,( %)'e3!i7es8

Ure,(is!i3 is3,( !,r.e!s ,re se( dee,!i. ,d *s! )e re7ised8 Te ri*,rsr(s !,r.e! % 85 % G&P %7er !e *edi* !er* ,d %7er !e (%.-!er*4,s e!ire( ,r!ii3i,(" ,s % is!%ri3,( re3ede! rese*)(i. Gree3e;s3ir3*s!,3es" ,d ,s esse!i,(( % s%r! r%* ,*%. re!,)(ee3%%*is!s8 I r,3!i3e rsi! % s3 , !,r.e! is ,(s% ss!,i,)(e" ,d !e.%,( % !!i. de)!-!%-G&P % , 3(e,r d%44,rd ,! re?ires !,! i! )e re7ised8

U3er!,i!ies srr%di. !e e(e3!%r,( eri%d i Gree3e ,d !e (!i*,!e s!,!s% Gree3e 4i! rese3! !% Er%e ,7e ,e3!ed e3%%*i3 ,3!i7i! ,d is3,(er%r*,3e %7er !e (,s! !4% *%!s8 As , irs! s!e" i! is esse!i,( !% s!,)i(i:e!e ),6i. ss!e* i**edi,!e( ,d !% res!%re 3%ide3e i Gree3e ,s , ((

,d er*,e! *e*)er % !e Er%:%e8 Te G%7er*e! % Gree3e re?es!si**edi,!e ,ir*,!i% ,d ,ssis!,3e r%* i!s Er%.r% ,r!ers !% !is ed8

$. %aintaining #inancial ector ta"ilit&

Te s!,)i(i! % !e Gree6 i,3i,( se3!%r is % !*%s! i*%r!,3e !% !e.%7er*e! ,d , i**edi,!e 3%3er %r !e Er% Are, ,s , 4%(e8

F%((%4i. !e EB G%7eri. %3i(;s de3isi% % Fe)8 !" Gree6 ),6s 4i((re*,i (( se3red ,s !e re( % B,6 % Gree3e;s E*er.e3 Li?idi!

Assis!,3e #ELA+8

Te .%7er*e! e9e3!s !,! , ,.ree*e! 4i! i!s Er%.r% ,r!ers % ,)rid.e r%.r,* 4i(( ,((%4 !e G%7eri. %3i( !% ree4 !e 4,i7er %r e(i.i)i(i!% Gree6 ,er !% Er%ss!e* rei,3i. %er,!i%s8

I !e *edi* !er*" ,ddi!i%,( ,3!i% is re?ired !% s%r! r!er !e ),6i.se3!%r8 Te .%7er*e! 4%(d (i6e !% dis3ss 4i! i!s ,r!ers !e *%)i(i:,!i% %re*,ii. se! res%r3es ,7,i(,)(e !% !e He((ei3 Fi,3i,( S!,)i(i! Fd

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11/29

#,8 EUR )i((i%+ !% r!er s!re.!e !e ),6i. ss!e*8 Te .%7er*e!s!,ds re,d !% *,6e , 3%3re!e r%%s,( % %4 !e re*,ii. HFSF ,sse!s3%(d )e sed !% 3(e, %! !e ),6s r%* !eir NPLs8 M%re%7er" HFSF*,,.e*e! s%(d )e *,de *%re !r,s,re! ,d ei3ie!8

'. Addressing mmediate #inancing Needs

%7eri. .r%ss i,3i. eeds i , i**edi,!e 3%3er %r !e Gree6,!%ri!ies8

Be%re $e" Gree3e ,3es 582) re,*e!s !% !e IMF8 Te .%7er*e! is(( 3%**i!!ed !% %%r !ese ,*e!s8 Te .%7er*e! (%%6s %r4,rd !% ,%si!i7e dis3ssi% 4i! !e IMF % ree4i. , i,3i. ,.ree*e! ),sed % ,d,!ed &SA8 T% *ee! i!s i**edi,!e ,*e! %)(i.,!i%s" !e .%7er*e! ,s6s !e Er%.r%

!% dis)rse !% Gree3e !e %!s!,di. 18) SMP )%ds re(,!ed Er%ss!e*i3%*e" i ,33%rd,3e 4i! Er%.r% re7i%s 3%**i!*e!s8 A!er $e" C8J)re,*e!s ,re s3ed(ed %7er !e s**er !% !e EB ,s !e %(der % SMP)%ds8 Tis re,*e! 3re,!es 7er e93e!i%,( ressre % Gree3e;s di.eeds i 20158

Te .%7er*e! e9e3!s !,! , ,.ree*e! re.,rdi. !e iss,3e % T-)i((s 4i(()e %)!,ied !% 3%7er !ese e93e!i%,( eeds8 Tis 4%(d %! r,ise !e ,*%! % de)!" )! %( 3,.e i!s 3%*%si!i%8. *e"t !staina"ilit&

Res!%ri. de)! ss!,i,)i(i! is , 6e %(i3 %)'e3!i7e %r !e Gree6 ,!%ri!ies8

Addi!i%,( *e,sres 4i(( )e re?ired !% res!%re Gree3e;s (%.-!er* s%(7e3 ,d!% esre i!s 3,,3i! !% )%rr%4 i !e i,3i,( *,r6e!s ,! re,s%,)(e 3%s! i !ee,r !re8 Er%.r% 3%**i!!ed iN%7e*)er 2012 !% !,36(e !is isse %3e Gree3e 4%(d %s! ri*,r sr(ses"4i3 4,s !e 3,se i 201 ,d 4i(( )e !e 3,se i 20158

IMF !e3i3,( s!, s%(d 4%r6 3(%se( 4i! !e Gree6 !e,* !% ,ssis! ide7e(%i. , ss!,i,)(e de)! r%.r,*" !,6i. (( ,33%! % !e e9erie3e %!e re3e! ,s!8 B!!ressed 4i! ?,!ii,)(e !,r.e!s ,di!ed ) 3%(i3!ed,r!ies" s3 , ,rr,.e*e! 3%(d %r* !e !e % 3%7e,! !,! !e.%7er*e! ,d !e EU ,r!ers ,d )i(,!er,( (eders 3, ,33e!8

I !,! r,*e4%r6" !e ,!%ri!ies ,re re,d !% %e dis3ssi% % %!i%s !,!4%(d )ri. Gree3e !e e3ess,r )re,!i. s,3e ,d (!i*,!e( !e *e,s !%res!%re ,33ess !% i,3i,( *,r6e!s8 Tese %!i%s 4%(d )e ,r! % !e e4de,( !% )e se,(ed )e!4ee Gree3e ,d i!s ,r!ers8 Te 4%(d )e ((3%sis!e! 4i! #i+ !e e4 *%re re,(is!i3 is3,( r,*e4%r6 !% )e ,.reed #ii+ ,

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12/29

d,!ed IMF &e)! Ss!,i,)i(i! A,(sis !,6i. s!%36 % !ese e4 ,ss*!i%s",d #iii+ , %si!i7e r%.r,* %r .r%4! ,d s%3i,( de7e(%*e! !% 4i3 !e.%7er*e! ,d !e Gree6 e%(e ,re ir*( 3%**i!!ed8

Gree3e is re,d !% *,6e 3%3re!e r%%s,(s !% i!s ,r!ers" i de !i*e" % ,

*e % is!r*e!s !% red3e !e de)! )rde ei3ie!(" i3(di. de)! s4,s8

+. The New ,e-orm Agenda

Te Gree6 G%7er*e! is 4%r6i. % , e4 ,.ed, %r .r%4! ,d s!r3!r,(re%r*s8 Te e4 ,.ed, 4i(( ,ddress !e 3,ses % Gree6 e3%%*i3 de3(ie,d e( !% *%deri:e !e Gree6 s%3i%e3%%*i3 *%de(8

Te .%7er*e! der!,6es !% red3e !,9 e7,si%" !,9 i**i!" s*..(i."3,r!e(s,d re!-see6i.8 Re%r*s 4i(( i*r%7e !e e%r3e*e! % i3%*e !,9"VAT" ,d s%3i,( 3%!ri)!i%s" ,d i.! !,9 e7,si% 4i! , e*,sis % !r,ser

ri3i. i (,r.e 3%r%r,!es ,3!i7e ,)r%,d8 Te .%7er*e! s!,ds re,d !%dis3ss (e.is(,!i7e r%%s,(s !% rei%r3e !e (e.,( r,*e4%r6 %r , ideede!!,9 ,!%ri! 4i!i !e Miis!r % Fi,3e8

A (( (e.is(,!i7e ,36,.e 4i(( i*r%7e !e )siess 3(i*,!e ,d der*ie re!-see6ers" i ,r!i3(,r i !e %i( se3!%r" !e i,3i,( se3!%r" ,d !e *edi,8 P)(i3r%3re*e! r%3edres 4i(( )e *,de *%re !r,s,re! ,d ,ir !,6s !% , *%re3e!r,(i:ed ss!e*" ei3ie! *%i!%ri. ,d e-r%3re*e!8 Re%r*s 4i((i3re,se !e %7er,(( ei3ie3 % !e )(i3 se3!%r" 4i! , %)'e3!i7e !% i*r%7e!e ?,(i! % ser7i3es de(i7ered !% e7er 3i!i:e8 P%(i3ies der*ii. s%3i,(3%esi% ,7e ,i(ed ,d 4i(( )e dr%ed8

F%rei. i7es!%rs re*,i 4e(3%*e ,d !e .%7er*e! 4i(( s%r! !eiri7es!*e!s i Gree3e8 O ri7,!i:,!i% ,d !e de7e(%*e! % )(i3 ,sse!s"!e .%7er*e! is re,d ,d 4i((i. !% e7,(,!e e,3 ,d e7er r%'e3! % i!s*eri!s ,(%e8

T% )%%s! d%*es!i3 i7es!*e! ,d s%r! e3%%*i3 re3%7er" !e .%7er*e!4i(( 3re,!e , ,!i%,( de7e(%*e! ),6" !% 4i3 7,ri%s )(i3 ,sse!s 4i(( )e!r,serred" ,d !% s%r! !e SMEs8 Te ,!i%,( de7e(%*e! ),6 4i(( (, ,(e,di. r%(e i 3,e(i. EIB (%,s ,((%3,!ed !% ri7,!e r%'e3!s i Gree3e8

Te Gree6 ,!%ri!ies ,7e ,s6ed !e Se3re!,r Geer,( % !e OE&" 4% ,s,33e!ed" %r !e3i3,( ,ssis!,3e i de7isi." i*(e*e!i. ,d *%i!%ri. !ise4 re%r* ,.ed,8

. A New Contract -or the New Agenda

Tis e4 ,.ed, 4i(( .i7e i*e!s !% *, % !e %(i3 ,3!i%s (is!ed i !e%(i3 r%.r,* re7i%s( ,.reed )e!4ee Gree3e ,d i!s Er%.r% ,r!ers"

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13/29

i3(di. !,9 %(i3" re7ee ,d*iis!r,!i%" )(i3 i,3i,( *,,.e*e!" )(i3,d*iis!r,!i% ee3!i7eess" 3%((e3!i% % s%3i,( 3%!ri)!i%s" r%*%!i% %)siess i7es!*e!" s,!i,( *,,.e*e! ,d (,i." ,d re%r* % !e

'di3i,( ss!e*8

O7er !e )rid.e eri%d dri. 4i3 !is e4 3%!r,3! 4i(( )e re,red ,de.%!i,!ed" !e .%7er*e! 4i(( ! , ri%ri! % !e i*(e*e!,!i% % !%se,3!i%s (is!ed i !e e9is!i. ,.ree*e!s !,! ,re (( 3%sis!e! 4i! i!s %(i!i3,(*,d,!e8 A(!%.e!er" !e 4%(d rerese! *%re !, J0 % !e 4%(e (is! %re7i%s(-,.reed ,3!i%s8 Ne4 ii!i,!i7es ,%3ed ) !e .%7er*e! 4i(( )er%.r,**ed !% !,6e ee3! ,!er !e 3%*(e!i% % s33ess( e.%!i,!i%s8

/. Concl!sion

Er%e is 4%(e ,d idi7isi)(e" ,d !e .%7er*e! % Gree3e 3%siders !,!Gree3e is , er*,e! ,d ise,r,)(e *e*)er % !e Er%e, Ui% ,d !e

Er%.r%8 Te .%7er*e! is 3%**i!!ed !% , re(,!i%si )e!4ee Gree3e ,di!s ,r!ers ),sed % .%%d ,i!" *!,( !rs!" ,d , 3%**% 3%**i!*e! !% !eEr%e, r%'e3!8 I! is 3%ide! !,! , re(,!i%si ir*( )i(! % !is ),sis 3,4%r6 !% res!%re !e Gree6 e3%%* ,d !% ,3%r Gree3e;s !re ,s ,r%ser%s *e*)er % !e Er% Are,8

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14/29

1C/2/2015 - YANIS VAROUFAKIS TALK IN THE 1CTH FEBRUARY

2015 EUROGROUP MEETING

Mr Preside!"

&e,r 3%((e,.es"

Tis .%7er*e!;s !,s6 is !% 3,rr %! !e dee re%r*s !,! Gree3e eeds !%

,rres! !e 3%*)ied %r3es % de(,!i% ,d e.,!i7e de)! d,*i3s" )ri. ,)%!

i7es!*e!-(ed re3%7er ,d" !s" *,9i*ise !e e! rese! 7,(e % %r de)!

re,*e!s !% %r 3redi!%rs8

Te Gree6 .%7er*e! (( rese3!s i!s 3%**i!*e!s !% %r ,r!ers ,d !% !e

is!i!!i%s !,! 4e ,re ,r! !%8 Or dii3(! i de3(,ri. , 3%**i!*e! !% !e

3rre! r%.r,*" ,d !% i!s s33ess( 3%3(si%" is !,! i %r es!i*,!i% !is

r%.r,* 4,s %! 3%d3i7e !% re3%7er ,d" !s" iere!( i*%ssi)(e !%

3%3(de s33ess((8

T% *," %r re(3!,3e !% ,33e! !e r,se e9!ed !e 3rre! r%.r,* ,d

s33ess(( 3%*(e!e i! s!e*s r%* !e de!er*i,!i% % !is .%7er*e! e7er

!% isse , r%*ise !,! i! 3,%! 6ee8 =e e,r !,! i 4e ,33e! !e ri%ri!ies" !e

*,!ri9" % !e 3rre! r%.r,*" ,d %( 4%r6 4i!i i!s %7er,r3i. (%.i3" e7e i

4e 3,.e s%*e ,se3!s % i!" I e,r !,! 4e s,(( )e .i7i. !e de)!-de(,!i%,r

sir,( ,%!er )%%s!" 4e s,(( (%se %r e%(e;s s%r!" ,d" ,s , res(!" !e

3%!r 4i(( )e 7er ,rd !% re%r* e3e%r!8 As , re3e!( ,%i!ed i,3e

*iis!er % , 3%!r !,! ,s , 3redi)i(i! dei3i! i !is r%%*" I !rs! !,! % 4i((

ders!,d * re(3!,3e !% r%*ise !,! 4i3 I d% %! )e(ie7e I 3, de(i7er8

Ne7er!e(ess" !ere is *3 !,! 4e 3, de(i7er !,! is % *!,( )eei!8 T% d%

s%" 4e eed , s%r!-!er* #!ree !% si9 *%! (%.+ ,.ree*e! !,! 4i(( ,((%4 s !%

es!,)(is !e 3%**% .r%d *e!i%ed ) Preside! $& ,d Pri*e Miis!er

AT (,s! Trsd,8 I! is i % %e;s i!eres! i" %7er !e e9! d,s ,d 4ee6s" ,s ,

res(! % , %(i!i3,( ,i(re % %r ,r! Gree3e (,.ises der , 3%((,se i

,3!i7i!" , 3%((,se i re7ee ,d 3%!ied de%si! %!(%4s8

=e eed , i-ri3i(e ,.ree*e! !,! dri. !is eri%d !e Gree6 s!,!e 4i(( )e

ded der , *ii*,(is! *e !,! s%(7es !e s%r! !er* 3,s (%4 r%)(e*#e8.8 !r,ser !% !e IMF" i (ie % Gree3e;s re,*e!s" % !e 18 )i((i% !,!

!e Gree6 .%7er*e! is de r%* !e EB @r%i!;-re),!e ,.ree*e! , (e9i)(e

ELA" , rise i !e ,r!ii3i,( 3, % T-)i(( isses e!38+ ,d 3%**i!s !e Gree6

.%7er*e! !% , *)er % 3%di!i%,(i!ies<

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• Te Gree6 .%7er*e! rei!er,!es i!s 3%**i!*e! !% !e !er*s % i!s (%,

,.ree*e! !% ,(( %r 3redi!%rs

• Te Gree6 .%7er*e! !,6es % ,3!i% !,! !re,!es !% der,i( !e e9is!i.

)d.e! r,*e4%r6 %r !,! ,s i*(i3,!i%s %r i,3i,( s!,)i(i!

• Te Gree6 .%7er*e! 4i(( !,6e % ,3!i% !%4,rd , ,ir3! % i!s (%,s;

,3e 7,(e

Te Gree6 .%7er*e! is dee( 3%3ered ,)%! !e de(e!eri%s ee3!s %

%-er%r*i. (%,s % !e 3,,3i! % Gree3e;s ri7,!e ),6s !% e9!ed

3redi! !% ir*s ,d %se%(ds ,d is" !s" 6ee !% id *e,s" !i(isi. !e

sed 3,,3i! % !e HFSF !% 3(e,se !e*8 Si*i(,r(" 4e ,re e,.er !% id

4,s % 4ri!i. % !e ,33*(,!ed e,(!ies % !,9,ers i ,rre,rs !,!

,7e *%!ed !% J0 )i((i%8 N,!r,((" !e Gree6 ,d*iis!r,!i%

ders!,ds !,! , s3 4ri!e %s *s! )e desi.ed !% ,7%id re4,rdi.

s!r,!e.i3 de,(!ers ,d" *%s! 3er!,i(" !% re7e! , (%. !er* !ede3 !%

de(, ,i. de)!s ,d !,9es8 S!i((" 4e !i6 !,! !e ),36(%. % ,rre,rs ,d

NPLs ,re , *,'%r i*edi*e! !% re3%7er8 T% !is ed" 4e s,(( see6 !e

,d7i3e % %r ,r!ers )e%re (e.is(,!i. ,r%ri,!e(8

I e93,.e % !e ,)%7e 3%**i!*e! !,! !e Gree6 .%7er*e! is re,red !%

.i7e dri. !e eri%d % !e e9!esi%/)rid.e" %r ,r!ers %.! !% ,.ree !,!"

dri. !e s,*e eri%d<

• Tere 4i(( )e % *e,sres !,! 4e 3%sider re3essi%,r s3 ,s esi%

3!s %r VAT i6es8

Re.,rdi. !e se3ii3s % !e s%r! !er* i,3i." %r % !e ,)%7e

3%di!i%,(i!ies" 4e )e(ie7e !,! !ese !e3i3,( isses 3, )e res%(7ed 4i!i ,

d, %r !4%" ,s (%. ,s !e %(i!i3,( 4i(( is rese!8 I , 3,se" (e! *e re*id %

!,! 4e ,re !,(6i. ,)%! , s%r! s,3e % , e4 *%!s % s!,)i(i! !,! is

e3ess,r !% es!,)(is !e ,r,*e!ers % !e (%.er !er* r,*e4%r6 4i!i 4i3

Gree3e ,d Er%e ,d !e IMF 4i(( es!,)(is s% ,s !% ! Gree3e % ,

ss!,i,)(e ,!8

Te Gree6 ,!%ri!ies ,re de!er*ied !% se !ese e4 *%!s ee3!i7e(" ,s

%%sed si*( !% )i. !i*e %r !e r%se % d%i. (i!!(e8 =e r%%se !%3%3e!r,!e % , e4 re%r*s !,! ,re esse!i,( ,d 4i3 3, )e i*(e*e!ed

i**edi,!e(" 4i! !e ,ssis!,3e % !e is!i!!i%s (s % !e Or.,i:,!i% %

E3%%*i3 %%er,!i% ,d &e7e(%*e!8 A*%. !e*" 4e i!ed !%<

• ! !e G%rdi, K%! % )re,3r,3 - !r%. (e.is(,!i% !,! ),s )(i3

se3!%r de,r!*e!s r%* ,s6i. % 3i!i:es %r )siess i%r*,!i%"

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3er!ii3,!es %r d%3*e!s !,! !e s!,!e %ssesses ,(re,d #,d 4i3

reside i s%*e %!er de,r!*e!+

• T,9 ,!%ri! re%r*s !%4,rds .re,!er ideede3e" r%rie! ,d

!r,s,re3

• re,!e , ei3ie! ,d ,ir !,9 3%r! ss!e*

• M%der ),6r!3 ss!e*

• $di3i,( ss!e* re%r*s" i .eer,(

• re,!i. , 3%*e!i!i7e ,d s%d e(e3!r%i3 *edi, e7ir%*e! !,!

e,3es !r,s,re3 ,d ie(ds !,9 re7ees %r !e s!,!e

• &is*,!(e !e 7,ri%s 3,r!e(s

L,dies ,d .e!(e*e" de,r 3%((e,.es"

U(i6e re7i%s .%7er*e!s 4e s,(( %! *,6e r%*ises 4i3 4e 6%4 4e

3,%! (i(8 I 3%(d" %r is!,3e" (,3,!e e7er%e ) ,33e!i. %r e9,*(e !e

5 )i((i% ri7,!is,!i% !,r.e!" s% ,s !% re,3 ,.ree*e!8 B! I 6%4 !,! I 3,%!de(i7er8 $s! (i6e re7i%s .%7er*e!s 3%(d %! de(i7er i , *,r6e!(,3e %

3%((,si. ,sse! ri3es8

Si*i(,r( 4i! %re3(%sres % %-er%r*i. *%r!.,.es8 Ideede!( % %r

ide%(%.i3,( diere3es #,d 4e!er % ,.ree 4i! %r .%7er*e! !,! ,*i(

%*es s%(d %! )e ,3!i%ed % i !e *ids! % , deressi% % e!i3,(

.r%ds+" !e ,3! re*,is !,! i! 4%(d )e %-sesi3,( !% !r%4 dreds %

!%s,ds % ,*i(ies % !e s!ree! ,! , !i*e 4e !ere ,re % )ers ,d" ,s ,

res(!" s3 %re3(%sres 4i(( ie(d % 3,i!,( %r !e ),6s" 4i(( e( !e ,(re,d

ide%s *,i!,ri, 3risis ,d" i !e ed" des!r% 4,! is (e! % !e re,( es!,!e*,r6e!8

T% re3," %r .%7er*e! is re,d ,d 4i((i. !% ,( %r , e9!esi% % %r

(%, ,.ree*e! !i(( !e ed % A.s! #%r , %!er dr,!i% !,! Er%.r% *,

dee* i!+" !% ,.ree % , *)er % sesi)(e 3%di!i%,(i!ies %r !e dr,!i% % !is

eri%d ,d !% 3%**i! !% ,7i. , (( re7ie4 3%*(e!e ) !e Er%e,

%**issi% ,! !e ed % !is i!eri* eri%d > , eri%d !,! 4i(( ,((%4 Gree3e ,d

i!s ,r!ers !% desi. !%.e!er , e4 %!r,3! %r Gree3e;s Pr%seri! ,d

Gr%4!8

I !rs! !,!" desi!e , diere3es" %r 3%**% .r%d is s%(id ,d s3 !,! 4e

3, )i(d % i! , *!,(( )eei3i,( ,.ree*e! i !e siri! % !re Er%e,

3%((e.i,(i!8

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17


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EUROGROUP MEETING – FEBRUARY 1), 2015 – BRUSSELSNON-PAPER FROM THE GREEK GOVERNMENT

1* O+t"ome o Te"-n!". /!&"+&&!on&

Te3i3,( dis3ssi% !%%6 (,3e % Fe)8 1-1 )e!4ee Gree6 %i3i,(s ,drerese!,!i7es r%* !e EU %**issi%" !e EB ,d !e IMF !% ide!i3%**% .r%d )e!4ee !e !4% ,r!ies ,d dis3ss !e 3%!e! % !e3rre! M%U8

O s!r3!r,( re%r*s" .%%d r%.ress 4,s *,de !% ide!i ,re,s 4ere !eGree6 ,!%ri!ies 3, s%r! !e %.%i. re%r* ,.ed,< !,9 re%r*"re7ee ,d*iis!r,!i% re%r*" )(i3 i,3i,( *,,.e*e!" i.!i.3%rr!i%" e-.%7er*e!" )(i3 r%3re*e! re%r*" )siess 3(i*,!ei*r%7e*e!" 'di3i,( ss!e* re%r*" i*(e*e!,!i% % EU (e.is(,!i% %e!4%r6 ids!ries ,d 3%*e!i!i7e se3!%rs8

Ti*e is eeded %7er !e 3%*i. 4ee6s %r !e e4 .%7er*e! !% *,6e ,*%re de!,i(ed ,ssess*e! % %.%i. re%r*s8 Te Gree6 .%7er*e! is ((3%**i!!ed !% 3%!ie e%r!s *,de i !ese ,re,s8 I! 3%siders ,s ,esse!i,( ,r! % i!s %(i!i3,( *,d,!e !% ,33e(er,!e i*(e*e!,!i% % de3isi7e%(i3 ,3!i%s !e re7i%s .%7er*e! ,i(ed !% i*(e*e!< de3isi7e(3%r%!i. !,9 e7,ders" i.!i. 3%rr!i% ,d re%r*i. )(i3,d*iis!r,!i%8 I! s!,ds re,d !% 3%**i! !% !e s%r!-!er* i*(e*e!,!i% %6e %(i3 ,3!i%s8

Te3i3,( dis3ssi%s re7e,(ed re,( diere3es % (%.i3 % , (i*i!ed *)er %

isses8 Te Gree6 .%7er*e! 3%siders 3rre! (,)%r *,r6e! re%r* ,.ed,,s i! !% !e 3rre! si!,!i% % !e e3%%*8 I! 4i(( r%*%!e , diere!,r%,3" 4i! !e3i3,( ,ssis!,3e r%* ILO" !% esre 4%r6ers; r%!e3!i% i, 4, !,! is 3%sis!e! 4i! e3%%*i3 .r%4!8Te .%7er*e! 4i(( ,(s% r%*%!e , diere! ,r%,3 %r *,,.i. )(i3,sse!s8 Pri7,!i:,!i%s 4i(( %! )e s!%ed )! ,ssessed % , 3,se ) 3,se),sis !% esre !,! !e ,re 3%sis!e! 4i! )(i3 i!eres!8 Fire s,(es *s!)e re7e!ed" ,d , (%.er !i*e %ri:%" i ,r!i3(,r 4i! rese3! !% !e),6i. se3!%r" *s! )e 3%sidered8O )(i3 ,d*iis!r,!i% re%r*" !e .%7er*e! s%r!s !e .%,(s !% *,6eS%Es *%re ei3ie! ,d es!,)(is , *%re ei3ie! 3i7i( ser7i3e )! ss!e*,!i3

dis*iss,(s 4i(( ed8 O !,9,!i%" !e .%7er*e! 4i(( re7ie4 3rre! %(i3ies !%r%!e3! !e %%res! se.*e!s % !e %(,!i%8 I! 4i(( re7ie4 !e )r,36e!s %ri3%*e !,9 !% i3re,se r%.ressi7i! ,d re(,3e !e 3rre! r%er! !,9 ) ,4e,(! !,98 VAT re%r* 4i(( )e re7ie4ed8

Fi,((" !e Gree6 ,!%ri!ies ide!iied s%*e ,re,s 4ere !ere is , .eer,(,.ree*e! % )r%,d %)'e3!i7es )! 4ere !e 4%(d (i6e !% dis3ss e4ide,s !% *ee! !e %(i3 .%,(s % !e M%U8 O ),6i. se3!%r re%r*" !e

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,!%ri!ies 4%(d (i6e !% dis3ss !e 3re,!i% % , Asse! M,,.e*e!%*, !% ,ddress NPLs8 T% s%r! i7es!*e!" !e .%7er*e! 3%siders, ri%ri! !% de7e(% !e s%3i,( se3!%r ,d 3re,!e , )(i3 de7e(%*e! ),68

O !is ),sis" !e Gree6 ,!%ri!ies 3%sider !,! !ere e9is!s si3ie!

3%**% .r%ds !% 3%s!r3!i7e( dis3ss 4i! i!s Er%e, ,r!ers" % !e),sis % res 7ie4s ,d , %r4,rd (%%6i. ,r%,3" !e !er*s % , e43%**%( ,.reed %(i3 ,.ed, !,! 4i(( (( e3,s(,!e !e .%7er*e!;s7ie4s8 Te .%7er*e! is 3%**i!!ed !% 3%!ie , re%r* ,.ed, 4i3!,6es !e )es! e(e*e!s % !e 3rre! r%.r,* ,d % i!s %4 re%r* ,.ed,8Tese dis3ssi%s s%(d )e e(d i , ,r%ri,!e %r*,! !,! )i(ds % !eEB;s ,d EU %**issi%;s se3ii3 *,d,!es8

2* /e$t &+&t.!n.$!!t#

Te Gree6 ,!%ri!ies ,re 3%**i!!ed !% 3%!ied ri*,r sr(ses %7er !e

e9! de3,de !% esre s%d )(i3s i,3es8 H%4e7er" i*(e*e!i. !eri*,r sr(s !,r.e!s e7is,.ed ) !e M%U 4%(d )e 3%!err%d3!i7e8 A ri*,r sr(s i 2015 ,d 85 i 201C 4%(d 'e%,rdi:e !e 3rre!r,.i(e re3%7er8 M%re%7er" i! is %! ,! ,(( e3ess,r !% ! !e de)! % ,s!e,d de3(ii. ,!8 A 85 ri*,r sr(s 4%(d (e,d" ,33%rdi. !% %rr%'e3!i%s" !% e9!i.is e!ire( !e de)! ) 20508 Tis is %! !e s!,d,rddeii!i% % de)! ss!,i,)i(i!8

Te 3rre! r%.r,* se!s !e %)'e3!i7e % , 12 %*i,( de)!-!%-G&P r,!i%i 2020 !% esre ss!,i,)i(i! ,d (( *,r6e!-,33ess i 202 4e (,r.e*,!ri!ies 4i(( ,7e !% )e rei,3ed8 Te ,!%ri!ies 3%sider !is !,r.e! ,s

,r!ii3i,( ,d i,r%ri,!e8 As s!,!ed ) !e &ire3!%r Geer,( % !e ESM i201" !e s!r3!re % !e Gree6 de)! is ,s i*%r!,! ,s !e de)!-!%-G&P r,!i%!% ,ssess ss!,i,)i(i!8 L%. !er* *,!ri!ies ,d red3ed i!eres! r,!es,(re,d e!,i( , (%4er de)! r,!i% i 2015 i e! rese! 7,(e !er*s8 I NPV!er*s" !e de)! s!,ds ,! 15 % G&P ,d 4%(d ,(( )e(%4 !e ),r % 120i !e s,*e 1"5 ri*,r sr(s ,s i 201 4,s ,3ie7ed8 Te .%7er*e!(%%6s %r4,rd !% dis3ss 4i! !e IMF ,d !e %!er is!i!!i%s , *%re,33r,!e ,ssess*e! % de)! ss!,i,)i(i!8

Pri7,!i:,!i% re3ei!s 3, 3%!ri)!e !% i*r%7e !e de)! !r,'e3!%r8 H%4e7er",s! 3%**i!*e!s *,de ) !e re7i%s Gree6 .%7er*e! e(( s%r! % !e!,r.e!s8 ,!i!,!i7e %)'e3!i7es s%(d )e re,(is!i38 F%r3i. s,(es % )(i3,sse!s i , deressed e7ir%*e! is 's!iied8 Te ,!%ri!ies 4i(( s!% ,((s,(es !,! ,re %! i !e )(i3 i!eres!8

* (over!n F+n!n Nee& !n 2015

Fdi. eeds i !e e,r 2015 ,d %7er !e 3%*i. *%!s is , ressi.,d i**edi,!e 3%3er8

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B!dget Balance

O !e re7ee side" !e re7i%s eri%d 4,s d%*i,!ed ) %(i!i3,(i!er7e!i%s" % 7,ri. i!esi! ,d r%* *er%s s%r3es !,! r%*%!ed

3er!,i! ,d !s ,e3!ed e3%%*i3 ,3!i7i! ,d !,9 3%((e3!i%8 Re7ees%r!,(( ,s % ed-$,,r re,3ed 2 )i((i% 3%*,red !% M%F %re3,s!8

Te ,!%ri!ies 3%!e*(,!e e93e!i%,( ,3!i% i !er*s % re7ee*%)i(i:,!i% i 20158 U !% 585) ,re e9e3!ed %7er !e e,r !,6s !% ,s!r%. e%r! !% #i+ i.! i((e.,( !r,di." !,9 e7,si% ,d 3%rr!i% #ii+ )e!!er3%!r%( !r,ser ri3i. i 3%*,ies ,3!i7e ,)r%,d #iii+ re%r* ,rre,rs3%((e3!i% r%3ess ,d #i7+ i*(e*e! , *%re r%.ressi7e !,9,!i% % !e4e,(!ies!8

Te ,!%ri!ies 4i(( (%%6 %r4,rd !% *,i!,i , 185 ri*,r sr(s %7er !e

e,r8 Tis %)'e3!i7e deeds % e3%%*i3 s!,)i(i:,!i%8 Ne4 sedi.#*,i!,ri, ,36,.e+ 4i(( )e i,3ed !r%. reri%ri!i:,!i% %e9edi!res ,d 3!s i %!er )d.e!,r i!e*s8

*e"t Amorti0ation Gree3e ,3es e93e!i%,( di. eeds i 20158 P,*e!s !% !e IMF ,s4e(( ,s !% !e EB ,d %!er 3redi!%rs 4i(( ,*%! !% 38 1J) %7er !e e,r8

Bd.e! dei3i! i!se(" i 3,s !er*" 4i(( %! ,dd *3 !% !is i.re" ese3i,(( i!e SMP r%i!s ,re i3%r%r,!ed i !e .%7er*e! res%r3es8

T% 3%7er ,(( i!s rei,3i. eeds" !e .%7er*e! r%%ses !% %edis3ssi%s 4i! i!s Er%e, ,r!ers % !e !er*s % , e4 3%!r,3! !,! 4i((r%7ide !e ,r%ri,!e r,*e4%r6 %r 3%!ied s%r! r%* !e EB ,dMe*)er S!,!es8 Te3i3,( 4%r6 3%d3!ed 4i! !e !ree ,r!er is!i!!i%sde*%s!r,!ed !,! !ere is r%%* %r , e4 de,(8 Te .%7er*e! is 3%ide!!,! , res (%%6 ,! &SA 4i(( de*%s!r,!e !,! !e %)'e3!i7es % !e.%7er*e! ,re % !,r.e!8 O3e , ,.ree*e! is re,3ed % !e desired,!!er % is3,( ,d's!*e!" !e Gree6 .%7er*e! )e(ie7es , %(is!i3,.ree*e! 4i(( )e % re,3 % s!r3!r,( re%r*s8

hort Term Bridge #!nding

T% s%(7e s%r! r (i?idi! r%)(e*s" !e .%7er*e! %resees , ,.ree*e!% , 3%*)ied i7%(7e*e! % !e Er%ss!e* ,d i!s ELA r%.r,* #ire(,!i% !% !e iss,3e % T-)i((s+" % !e IMF !r%. e4 dis)rse*e!s ,d% !e Er%.r% %r ,((%4i. !e re(e,se % !e sed HFSF res%r3es8

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=e ,re 3%ide! !,! s3 , ,.ree*e! 3, )e re,3ed % !e ),sis % !esi3ie! 3%**% .r%ds ide!iied 4i! !e !ree is!i!!i%s % !e 3%!e!% !e 3rre! M%U8

Anne3 14 Pr!v.t!.t!on Re"e!6t&

Te e9e3!ed 3*(,!i7e ri7,!i:,!i% r%3eeds ,re e9e3!ed !% re,3 228) ) 2020 ,33%rdi. !% !e IMF8 H%4e7er" !e Gree6 ,!%ri!ies3%sider !is !,r.e! re,(is!i38

Privati0ation ,eceipts have -allen hort o- Expectations since $11

I 2011" der !e irs! r%.r,*" !e M%U ,.reed 4i! !e Er%.r%e9e3!ed 50 )i((i% % ri7,!i:,!i% re3ei!s %7er !e eri%d 2011-201C" 4i! ,

5) !,r.e! %r 2011" 10) %r 2012 ,d 5) i 201 #20) !%!,( re3ei!s,! !e ed % 201 ,d 5) ,! !e ed % 201+8

I 2012" !e se3%d M%U s!,!ed !,! !e 50) !,r.e! 4,s *,i!,ied" )!%7er , *3 (%.er !i*e %ri:%8 Te ed-2020 !,r.e! 4,s re7ised d%4 !%

22) i Ari( 201 3%sideri. !e s,!is,3!%r ri7,!i:,!i% r%3ess8

I r,3!i3e" ri7,!i:,!i% r%3eeds ,*%!ed !% 18C) i 2011" :er% i 2012"1) i 201 ,d 4ere e9e3!ed !% re,3 185) i 201 ,d 282) i 20158

Tese i.res de*%s!r,!e !e r,3!i3,( i,)i(i! % ri7,!i:,!i%s !% )ri.si:e,)(e res%r3es !% re, )(i3 de)! i !e 3rre! Gree6 3%!e9!8

The New Government2s ntentions

Te i!e!i%s % !e e4 G%7er*e! !% ,(! !e ss!e*,!i3 ,r%,3 !%ri7,!i:,!i%s 4i(( res(! i , s%r!,(( %7er !e s%r! ,d *edi* r" )! 3%(d(!i*,!e( r%d3e i.er r%3eeds %7er !e (%. r ) ,7%idi. ire s,(es,d/%r ,sse! dis%s,(s !,! ,re %! i !e i!eres! % !e Gree6 e%(e8

Tis e4 ,!!i!de 4i(( ie7i!,)( de!eri%r,!e !e de)! ss!,i,)i(i! %7er !es%r! r ,d re7e! Gree3e !% re,3 !e ,r)i!r,r !,r.e! % 12 % %*i,(de)! !% G&P r,!i% ) 2020" )! i! 4i(( 4i! % d%)! 3%!ri)!e !% i*r%7e !ede)! !r,'e3!%r %7er !e (%.er r8

Re.,rdi. i,3i. eeds" ri7,!i:,!i% re3ei!s %r !e e,r 2015 4erees!i*,!ed ,! 2"2) ) !e IMF8 Te dis!ri)!i% % SMP r%i!s %r 201#1")+ 4%(d ,((%4 !% *,6e %r *%s! % !is s%r!,((8

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Anne3 24 /e$t S+&t.!n.$!!t#

&e)! ss!,i,)i(i! is ,)%! 6eei. !e de)!-!%-G&P r,!i% der 3%!r%(8 Tis!i3,(( re?ires !,! !e dei3i! is (%4 e%. !% .,r,!ee !,! !e de)! r,!i% is

,((i. r,!er !, risi.8 T% 3%*!e !is !res%(d %e eeds !% *,6e,ss*!i%s % .r%4!8 A e3%%* 4i! :er% #%*i,(+ .r%4! eeds ,),(,3ed )d.e!8 =i! %si!i7e .r%4!" s%*e dei3i! is 3%sis!e! 4i! s%(7e3,(( i! !,6es is %r !e de)! !% .r%4 (ess r,id( !, G&P8I !e 3,se % Gree3e" 4i! , de)!-!%-G&P r,!i% ,! 1J5" !e dei3i! !,! 4%(ds!,)i(i:e !e de)! !% G&P r,!i% ,! i!s 3rre! (e7e( is J % G&P #Q18J5+,ss*i. , 3%ser7,!i7e .r%4! % i %*i,( !er*8 Gree3e ,s ,(re,d)e!!er er%r*ed si3e i 201" !e dei3i! e(( der !e M,,s!ri3! )e3*,r6 %8 I s!r3!r,( !er*s" 3%rre3!i. !e *e,sre % !e dei3i! %r !e %!! .,"Gree3e is ,3!,(( e.ieeri. , is3,( sr(s % 18C % G&P #,33%rdi. !%IMF+8

I %!er 4%rds" , dei3i! is 4e(( 4i!i !e )%d,ries % ss!,i,)i(i! ,s3%7e!i%,(( deied8 Gi7e !e i!eres! )i((" % ,)%! % G&P !%d, ,d%!e!i,(( % 85 i !e !re #%3e !e i!eres! deerr,( % EFSF (%,se9ires+" , ri*,r sr(s % 185 is !% !e !,s68Te ,!!,3ed si*(,!i% s%4s !e d%44,rd de)! !r,'e3!%r !i( 205,ss*i. , 3%s!,! 185 % G&P ri*,r sr(s8&is3ssi% 4i! !e IMF %7er s3 &SA-s!(e dis3ssi%s 4%(d )e 3ri!i3,(8 Te85 ri*,r !,r.e! is %( re?ired !% )ri. de)! )e(%4 , ,r)i!r,r !res%(d %12 ) 2020 #,33%rdi. !% !e (,!es! &SA+ ,d )e(%4 120 i 20228 H%4e7er"!e IMF d%es %! !,6e i!% ,33%! !e ,d7erse 3%se?e3es % .r%4! % !e,s!eri! s%36 !,! is re?ired !% *ee! !is is3,( !,r.e!8 Ye!" G&P .r%4! is ,s

i*%r!,!" ,d e7e *%re i*%r!,!" !, !e ri*,r sr(s !% red3e !e de)!!% G&P r,!i%8 Besides" , ,!!e*! !% r!er s?ee:e !e )d.e! i !e 3rre!3%!e9! % *,i!,ri, 3risis ,d s(i.! resr.e3e % e3%%*i3 .r%4! 4%(d,7e , dis,s!r%s i*,3! % )%! !e e3%%*i3 ,d s%3i,( r%!s8

A %is!nderstanding Te *isders!,di. re.,rdi. Gree3e s%(7e3 %4es !% !e ,3! !,! !e )(!1J5 &e)!-!%-G&P *)er d%es %! (( des3ri)e !e ,3!,( )rde % )(i3de)! %7er !e Gree6 e3%%*8Gree3e 3rre!( %4es !e EFSF 38 12) #J5 % 2015 IMF r%'e3!ed G&P+")e,ri. , i!eres! r,!e % 38 285" ,d ,7i. , i,( *,!ri! % rs#,*%r!i:i. r%* e,r 202 !i( e,r 205+8 Tis i. (e7e( % 3%3essi%,(i! %!e EFSF (%,s is %! 3,!red i !e %*i,( de)!/G&P r,!i% sed ) !e IMF i!e 3,se % Gree3e8 Te s,*e ,,(sis 3, )e *,de %r GLF (%,s #i!eres! r,!e,! 50) ,)%7e Eri)%r" i8e8 3rre!( 08C5" ,d i,( *,!ri! 201+8I , i!er7ie4 i Se!e*)er 201" e,d % ESM K(,s Re.(i. s!ri6i.( s!,!ed!,! &SA ,,(ses der!,6e ) !e IMF ,re *e,i.(ess8 A 6e ,r.*e!r%* Re.(i. is !,! !e de)! ,r,*e!ers ,re ,s i*%r!,! !% ,ssess de)!ss!,i,)i(i! ,s !e de)! %*i,( (e7e( i!se(< EFSF (%,s ,re 7er (%. !er*" 4i!

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7er 3%3essi%,( i!eres! r,!e red3ed !% EFSF di. 3%s! % ,r%9i*,!e(2 (s , %er,!i%,( *,r.i 3%s! % 38 50)8Ideed" i Gree3e;s de)! 4,s 3,(3(,!ed i NPV !er*s" s, 4i! , 5 dis3%!,3!%r" !e &e)!-!%-G&P r,!i% 4%(d ,(re,d )e ,s (%4 ,s 1 % G&P #see)e(%4+" ,d re,3 12J i 2020 #,s e9e3!ed ) !e IMF i %*i,( !er*+ 4i! ,

ri*,r sr(s *,i!,ied ,! 185 % G&P is!e,d % 858=e s%4 )e(%4 !e de)!-!%-G&P r,!i% d,*i3s der !e ,ss*!i% % ,ri*,r sr(s *,i!,ied ,! 185 ,d 3%ser7,!i7e ,ss*!i%s % %*i,(.r%4! ,! #)e(%4 IMF e9e3!,!i%s+8Uder !is se! % ,ss*!i%s" !e NPV % P)(i3 de)! re,3es 120 % G&P i20208

=e s%4 )e(%4 !e s,*e d,*i3s der !e ,ss*!i% % , (%. !er* ri*,rsr(s % ,s re?es!ed ) !e EU8 Uder !ese 's!iied ,ss*!i%s" !ede)! 4%(d dr,*,!i3,(( de3re,se ,d !%!,(( dis,e,r 4i!i !e e9! 0 rs"4i3 is %! !e deii!i% % ss!,i,)i(i!8

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PRESS (ONFEREN(E STATEMENT BY YANIS 7AROUFA8IS, IMME/IATELYAFTER T9E EUROGROUP MEETING OF 1)T9 FEBRUARY 2015

I ,* (e,sed !% re%r! !,! !e e.%!i,!i%s 4ere 3%d3!ed i , 3%((e.i,( siri!"3(e,r( re7e,(i. , i! % r%se > !e r%se )ei. !% es!,)(is 3%**%.r%d" %7er !e e9! !% C *%!s" s% ,s !% re,3 , *e,i.(" ss!,i,)(ee4 (%. !er* 3%!r,3! )e!4ee Gree3e" %i3i,( Er%e ,d !e IMF8 M%re%7er" I,7e % d%)! !,! !e 4i(( 3%!ie !%*%rr%4 ,d !e d, ,!er !i( !ere is ,,.ree*e!8

S%" i !is is s%" 4 ,7e 4e %! *,,.ed !% ,.ree % , 3%**i?" , si*(e

r,se" !,! 4i(( (%36 i**edi,!e( !is eri%d % de(i)er,!i%D

Te re,( re,s% 3%3ers , s)s!,!i,( dis,.ree*e! % 4e!er !e !,s6 ,e,dis !% 3%*(e!e , r%.r,* !,! !is .%7er*e! 4,s e(e3!ed !% 3,((e.e !e (%.i3% - %r !% si! d%4 4i! %r ,r!ers" 4i! , %e *id" ,d re-!i6 !is r%.r,*4i3" i %r es!i*,!i%" ,d i !e es!i*,!i% % *%s! 3(e,r-!i6i. e%(e" ,s,i(ed !% s!,)i(ise Gree3e" ,s .eer,!ed , *,'%r *,i!,ri, 3risis ,d ,s*,de re%r*i. Gree3e" 4i3 is ,)s%(!e( esse!i,(" e7er s% ,rd8 Re*e*)er<, de)!-de(,!i%,r sir,( d%es %! (ed i!se( !% s33ess( re%r*s" % !e %r*!,! Gree3e eeds i %rder !% s!% )ei. deede! % (%,s r%* i!s ,r!ers,d r%* !e is!i!!i%s8

L,s! =edesd," i !e re7i%s EG *ee!i." 4e !red d%4 , ressi.de*,d !% s)s3ri)e !% e9!edi. ,d s33ess(( 3%3(di. !e 3rre!r%.r,*8 As , res(! % !,! i*,sse" % !e %((%4i. ,!er%% #(,s! Trsd,",d ri%r !% !e S**i!+ EG Preside! $er%e &i'sse()(%e* ,d Gree6 PM A(e9isTsir,s ,.reed % , '%i! 3%**i? !% !e ee3! !,! !e !4% sides 4%(de9(%re 3%**% .r%d )e!4ee !e 3rre! r%.r,* ,d !e (,s % !e e4.%7er*e! %r , Ne4 %!r,3! 4i! Er%e8

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I! 4,s , .eie )re,6!r%." )rid.i. %7er !e 3rre! r%.r,* ,d !e e43%!r,3! !,! 4e ,re see6i. 4i! %r ,r!ers8

Tis ,!er%% !ere 4,s ,%!er )re,6!r%.8 Pri%r !% !e Er%.r% *ee!i." I*e! 4i! Mr M%s3%7i3i" 4%* I 4,! !% !,6 %r is i.( %si!i7e r%(e i !is

r%3ess" 4% rese!ed *e 4i! , dr,! 3%**i? #see Ae9 )e(%4+ 4i3",s I !%(d i*" I 4,s , !% si. !ere ,d !e > ,s i! re3%.ised !e*,i!,ri, 3risis" ,d s%6e % , e9!esi% % !e 3rre! (%, ,.ree*e!"4i3 3%(d !,6e !e %r* % , %r-*%! i!er*edi,!e r%.r,**e" ,s ,!r,si!i%,( s!,.e !% , e4 3%!r,3! %r .r%4! %r Gree3e" !,! 4i(( )e de(i)er,!ed,d 3%3(ded dri. !is eri%d8 I! ,(s% s!,!ed !,! !e Er%e, %**issi%4%(d r%7ide !e3i3,( ,ssis!,3e !% Gree3e !% s!re.!e ,d ,33e(er,!e !ei*(e*e!,!i% % re%r*s" ee3!i7e( re(,3i. !e !r%i6,8

O !e ),sis % !is ders!,di. )e!4ee s ,d !e %**issi%" 4e 4ere*%re !, , !% ,( %r !e (%, ,.ree*e! !% )e e9!eded" 4i(e 4e

%ered !e %((%4i. 3%di!i%,(i!ies<

• Rei!er,!e i!s 3%**i!*e! !% !e !er*s % i!s (%, ,.ree*e! !% ,(( %r

3redi!%rs

• T,6e % ,3!i% !,! !re,!es !% der,i( !e e9is!i. )d.e! r,*e4%r6 %r

!,! ,s i*(i3,!i%s %r i,3i,( s!,)i(i!

Or %( 3%di!i% %r !e %!er side 4,s !,! 4e s%(d %! )e ,s6ed !% i*%se

*e,sres !,! ,re re3essi%,r > s3 ,s esi% 3!s %r VAT i6es8

U%r!,!e(" !,! ie d%3*e! 4,s re(,3ed ) !e Er%.r% Preside!"

*i!es )e%re !e Er%.r% *ee!i." 4i! ,%!er d%3*e! !,! !%%6 s ),36%! e7e !% (,s! Trsd, > )! ideed !% (,s! =edesd," 4e 4e 4ereressrised !% si. !% , e9!esi% %! % !e (%, ,.ree*e! )! % !er%.r,**e i!se(" )ei. %ered %( !e e)(%s !4% 4%rd r,se @s%*e(e9i)i(i!;8 =e ,s6ed 4,! !,! *e,!" 4e .%! % 3%3re!e ,s4er8 &id i! *e,!,!" %7er !e e9! e4 *%!s" esi%s 4%(d )e 3! )! %! ,s *3 ,s%ri.i,(( res3ri)edD B %e ,! ,((D

Uder !%se 3ir3*s!,3es" i! r%7ed i*%ssi)(e %r !e Gree6 .%7er*e!"desi!e %r iii!e .%%d 4i((" !% si. !e %ered 3%**i?8

Ad s% !e dis3ssi%s 3%!ie8 =e ,re re,d ,d 4i((i. !% d% 4,!e7er i!!,6es !% re,3 , %%r,)(e ,.ree*e! %7er !e e9! e4 d,s8 Or.%7er*e! 4i(( ,33e! ,(( !e 3%di!i%s !,! i! 3, de(i7er % ,d 4i3 d%%! rei%r3e %r s%3ie!;s (%. 3risis8

N% %e ,s !e ri.! !% 4%r6 !%4,rd , i*,sse > ese3i,(( %e !,! is *!,((de!ri*e!,( !% !e e%(e % Er%e8

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Anne3 :;+nker


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Παράρτημα ΙΙ - Προσχέδιο Dijsselbloem

16 February 2015 [14:45]

Preliminary and confdential

[Draft] !ro"ro!# stateme$t o$ %ree&e

!e "uro#rou$ reiterate% it% a$$reciation &or t!e remar'able

ad(u%tment e)ort% underta'en by *reece and t!e *ree' $eo$le o+ert!e la%t year%, -+er t!e la%t .ee'/ t!e "uro#rou$ and t!e in%titution%

!a+e en#a#ed in an inten%i+e dialo#ue .it! t!e ne. *ree' aut!oritie%,

!e *ree' aut!oritie% !a+e e$re%%ed t!eir %tron# commitment to a

broader and dee$er re&orm $roce%% aimed at durably im$ro+in# #ro.t!

and em$loyment/ $ro%$ect%/ [en!ancin# %ocial &airne%%] and en%urin#

%tability and re%ilience o& t!e fnancial %ector, n $articular/ t!e *ree'

aut!oritie% commit to im$lementin# lon# o+erdue re&orm% to tac'le

corru$tion and ta e+a%ion/ and im$ro+in# t!e eciency o& t!e $ublic

admini%tration, t t!e %ame time/ t!e *ree' aut!oritie% reiteratedt!eir uneui+ocal commitment to !onour t!eir fnancial obli#ation%

to.ard% all t!eir creditor%, !e *ree' aut!oritie% .ill ma'e t!e mo%t

ecient u%e o& t!e continued $ro+i%ion o& t!e tec!nical a%%i%tance,

e di%cu%%ed t!e $olicy $rioritie% o& t!e ne. #o+ernment on t!e ba%i%

o& .or' underta'en by t!e in%titution% and t!e *ree' aut!oritie%, e

.elcomed t!at in a number o& area% t!e *ree' $olicy $rioritie% can

contribute to a %tren#t!enin# and better im$lementation o& t!e current

fnancial a%%i%tance $ro#ramme, !e *ree' aut!oritie% !a+e indicated

t!at t!ey intend to %ucce%%&ully conclude t!e $ro#ramme/ ta'in# intoaccount t!e ne. #o+ernment% $lan%, n t!i% contet/ .e intend to

ma'e t!e be%t u%e o& t!e ei%tin# builtin eibility in t!e current

$ro#ramme, !e *ree' aut!oritie% #a+e t!eir frm commitment to

re&rain &rom unilateral action and .ill .or' in clo%e a#reement .it! it%

"uro$ean and international $artner%/ e%$ecially in t!e fled o& t!e ta

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greek propositions for the bailout

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