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Parliamentary question - E-000171/2018Parliamentary question
E-000171/2018

Findings of the European Court of Auditors regarding the support programmes for Greece

Question for written answer E-000171-18
to the Commission
Rule 130
Gerolf Annemans (ENF)

In its Special Report No 17/2017 of 16 November 2017, the European Court of Auditors examined the Commission’s response to the Greek financial crisis.

The auditors found that the Commission was lacking experience in the management of such a process. Furthermore, the conditions of the economic adjustment programmes were not sufficiently prioritised on the basis of their relative importance and were not embedded in a broader strategy for the country. By mid-2017, the programmes had only partially contributed to the recovery of Greece and had failed to restore the country’s ability to finance its needs on the markets.

The Court of Auditors concluded that, of the EUR 45.4 billion pumped into the Greek banking sector, the expected losses amounted to EUR 36.4 billion. Overall, only a small part of the expected losses could potentially be recovered over time due to an appreciation in the market value of shares in systemic banks and most programme funds for domestic banks were expected to remain part of Greece’s public debt.

Can the Commission confirm these figures? What view does it take of this situation?

Last updated: 25 January 2018
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