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Parliamentary questions
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3 October 2018
Answer given by Mr Moscovici on behalf of the European Commission
Question reference: E-003535/2018

The Eurogroup of 22 June 2018(1) welcomed the commitment of Greece to maintain a primary surplus of 3.5% of gross domestic product (GDP) until 2022 and agreed to implement a set of medium term debt measures.

This includes the use of 2014 Securities Market Programme (SMP) profits from the European Stability Mechanism (ESM) segregated account and the restoration of the transfer of Agreement on Net Financial Assets (ANFA) and SMP income equivalent amounts to Greece (as of budget year 2017).

The available income equivalent amounts will be transferred to Greece in equal amounts on a semi-annual basis in December and June, starting in 2018 until June 2022, provided that Greece meets its commitments to uphold and complete key reforms agreed under the programme.

The pre-legislated package of fiscal measures for 2019 and 2020, including consolidation measures on pension and personal income tax worth 2% of GDP and contingent expansionary measures (including on social spending, investment and Single Property Tax) of the same size, was a commitment to close the 2nd review of the ESM programme, aimed at ensuring compliance with Greece's fiscal target in a manner that enhances growth and intergenerational fairness.

Based on current projections by the European institutions, the package could be implemented in a fiscally neutral manner.

Greece is required to submit its Draft Budgetary Plan (DBP) for 2019 to the Commission by 15 October 2018, as are all Member States under the European Semester. It is expected that the Greek authorities will address the issue of the pre-legislated pensions package taking account of the latest fiscal projections for 2019 and a more detailed analysis of the distributional and social impact of these measures.

The assessment of the DBP will be released as part of the Commission's Autumn package in November 2018, when the first quarterly report under Enhanced Surveillance will also be issued.


Last updated: 3 October 2018Legal notice