Σύγκριση τελικής πρότασης προς ESM, Προτάσεων Δανειστών...

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  • 7/21/2019 ESM, Eurogroup 25/6/2015

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    - JYE

    37 , >73:

    Whkbiy Citbhfs th nj tcdjf bf ihfsuktctbhf wbtm

    JI/JIN/BE@ stc``1

    3. >73: suppkjejftcry nulojt cfl >730-32 E\@Y

    >73:

    >730->732

    3. >73: suppkjejftcry nulojt cfl >730-32

    E\@Y

    Clhpt j``jitbvj cs h` Auky 3, >73: c suppkjejftcry

    >73: nulojt cfl c >73032 ejlbue-tjre `bsick

    strctjoy, supphrtjl ny c sbzcnkj cfl irjlbnkj

    pcidcoj h` ejcsurjs. \mj fjw `bsick pctm bs

    prjebsjl hf c prbecry surpkus tcrojt h` 3, >, 9, cfl

    9.: pjrijft h` OLW bf >73:, >730, >73? cfl >73=.

    \mj pcidcoj bfikuljs PC\ rj`hres (>), htmjr tcx

    phkbiy ejcsurjs (9), pjfsbhf rj`hres (730->732

    .

    3,>,9 9,:%

    >73:, >730, >73? >73=.

    ,

    ,

    ,

    ,

    .

    Clhpt j``jitbvj cs h` Auky 3, >73: c

    suppkjejftcry >73: nulojt cfl c >73032

    ejlbue-tjre `bsick strctjoy, supphrtjl ny c

    sbzcnkj cfl irjlbnkj pcidcoj h` ejcsurjs. \mj

    fjw `bsick pctm bs prjebsjl hf c prbecry

    surpkus tcrojt h` 3, >, 9, cfl 9.: pjrijft h`

    OLW bf >73:, >730, >73? cfl >73=. \mj

    pcidcoj bfikuljs PC\ rj`hres (>), htmjr tcx

    phkbiy ejcsurjs (9), pjfsbhf rj`hres (73: c suppkjejftcry >73:

    nulojt cfl c >73032 ejlbue-tjre `bsick strctjoy,

    supphrtjl ny c sbzcnkj cfl irjlbnkj pcidcoj h` ejcsurjs.

    \mj fjw `bsick pctm bs prjebsjl hf c prbecry surpkus

    tcrojt h` (3, >, 9), cfl 9.: pjrijft h` OLW bf >73:, >730,

    >73? cfl >73=. \mj pcidcoj bfikuljs PC\ rj`hres (>),

    htmjr tcx phkbiy ejcsurjs (9), pjfsbhf rj`hres (: , >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

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    37 , >73:

    >.

    PC\ rj`hre 3. PC\ rj`hre >. PC\ rj`hre

    Clhpt kjobskctbhf th rj`hre tmj PC\ systje tmct wbkk

    nj j``jitbvj cs h` Auky 3, >73:. \mj rj`hre wbkk tcrojt

    c fjt rjvjfuj ocbf h` 3 pjrijft h` OLW hf cf cffuck

    ncsbs `rhe pcrcejtrbi imcfojs. \mj fjw PC\ systje

    wbkk1 (b) ufb`y tmj rctjs ct c stcflcrl >9 pjrijft rctj,

    wmbim wbkk bfikulj rjstcurcfts, mhtjks cfl ictjrbfo,

    cfl c rjluijl 39 pjrijft rctj `hr ncsbi `hhl,

    jfjroy, cfl wctjr (jxikulbfo sjwcoj),cfl c supjr-

    rjluijl rctj h` 0 pjrijft `hr pmcrecijutbicks,

    nhhds, cfl tmjctjr4 (bb) strjcekbfj jxjeptbhfs th

    nrhcljf tmj ncsj cfl rcbsj tmj tcx hf bfsurcfij4

    cfl (bbb) jkbebfctj lbsihufts, bfikulbfo hf bskcfls.

    3 >73:.

    3%

    . 1 3.

    >9%

    , ictjrbfo,

    39% ,

    (

    )

    0% , >.

    9. ,

    .

    Clhpt kjobskctbhf th rj`hre tmj PC\ systje

    tmct wbkk nj j``jitbvj cs h` Auky 3, >73:. \mj

    rj`hre wbkk tcrojt c fjt rjvjfuj ocbf h` 7.29

    pjrijft h` OLW hf cf cffuck ncsbs `rhe

    pcrcejtrbi imcfojs. \mj fjw PC\ systje wbkk1

    (b) ufb`y tmj rctjs ct c stcflcrl >9 pjrijft rctj

    cfl c rjluijl 39 pjrijft rctj `hr `hhl,

    jfjroy, wctjr, cfl mhtjks, cfl c supjr-rjluijl

    rctj h` 0 pjrijft `hr pmcrecijutbicks, nhhds,

    cfl tmjctjr4 (bb) strjcekbfj jxjeptbhfs th

    nrhcljf tmj ncsj4 cfl (bbb) ecbftcbf tmj 97%

    lbsihuft hf bskcfls

    Clhpt kjobskctbhf th rj`hre tmj PC\ systje tmct wbkk nj

    j``jitbvj cs h` Auky 3, >73:. \mj rj`hre wbkk tcrojt c fjt

    rjvjfuj ocbfh` 3 pjrijft h` OLW hf cf cffuck ncsbs `rhe

    pcrcejtrbi imcfojs. \mj fjw PC\ systje wbkk1 (b) ufb`y tmj

    rctjs ct c stcflcrl >9 pjrijft rctj, wmbim wbkk bfikulj

    rjstcurcfts cfl ictjrbfo, cfl c rjluijl 39 pjrijft rctj

    `hr ncsbi `hhl, jfjroy, mhtjks, cfl wctjr (jxikulbfo

    sjwcoj), cfl c supjr-rjluijl rctj h` 0 pjrijft `hr

    pmcrecijutbicks, nhhds, cfl tmjctjr4 (bb) strjcekbfj

    jxjeptbhfs th nrhcljf tmj ncsj cfl rcbsj tmj tcx hf

    bfsurcfij4 cfl (bbb) Jkbebfctj lbsihufts hf bskcfls, stcrtbfo

    wbtm tmj bskcfls wbtm mbomjr bfihejs cfl wmbim crj tmj

    ehst phpukcr thurbst ljstbfctbhfs, jxijpt tmj ehst rjehtj

    hfjs. \mbs wbkk nj ihepkjtjl ny jfl->730, cs cpprhprbctj

    cfl tcrojtjl `bsickky fjutrck ejcsurjs th ihepjfsctj

    tmhsj bfmcnbtcfts tmct crj ehst bf fjjl crj ljtjrebfjl.

    \mj fjw PC\ rctjs hf mhtjks cfl bskcfls wbkk nj

    bepkjejftjl `rhe Hithnjr >73:.

    \mj bfirjcsj h` tmj PC\ rctj ljsirbnjl cnhvj ecy

    nj rjvbjwjl ct tmj jfl h` >730, prhvbljl tmct

    jqubvckjft cllbtbhfck rjvjfujs crj ihkkjitjl

    tmrhuom ejcsurjs tcdjf cocbfst tcx jvcsbhf cfl th

    beprhvj ihkkjitcnbkbty h` PC\. Cfy ljibsbhf th rjvbjw

    smckk tcdj pkcij bf ihfsuktctbhf wbtm tmj bfstbtutbhfs.

    >730

    .

    \mj bfirjcsj h` tmj PC\ rctj ljsirbnjl cnhvj ecy nj

    rjvbjwjl ct tmj jfl h` >730, prhvbljl tmct jqubvckjft

    cllbtbhfck rjvjfujs crj ihkkjitjl tmrhuom ejcsurjs tcdjf

    cocbfst tcx jvcsbhf cfl th beprhvj ihkkjitcnbkbty h` PC\.

    Cfy ljibsbhf th rjvbjw cfl rjvbsj smckk tcdj pkcij bf

    ihfsuktctbhf wbtm tmj bfstbtutbhfs.

  • 7/21/2019 ESM, Eurogroup 25/6/2015

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    37 , >73:

    9. @bsick struiturck ejcsurjs 9. 9. @bsick struiturck ejcsurjs 9. @bsick struiturck ejcsurjs

    Clhpt kjobskctbhf th1 1 Clhpt kjobskctbhf th1 Clhpt kjobskctbhf th1

    ikhsj phssbnbkbtbjs `hr bfihej tcx cvhblcfij (j.o.,

    tbomtjf tmj lj`bfbtbhf h` `crejrs), tcdj ejcsurjs th

    bfirjcsj tmj ihrphrctj bfihej tcx bf >73: cfl

    rjqubrj 377 pjrijft clvcfij pcyejfts `hr

    ihrphrctj bfihej cs wjkk cs bflbvbluck nusbfjss

    bfihej tcx ny jfl->7304 jkbebfctj tmj prj`jrjftbck

    tcx trjctejft h` `crejrs bf tmj bfihej tcx ihlj4

    rcbsj tmj shkblcrbty surimcroj4

    (

    ),

    >73:

    377%

    >730.

    ,

    .

    ikhsj phssbnbkbtbjs `hr bfihej tcx cvhblcfij

    (j.o., tbomtjf tmj lj`bfbtbhf h` `crejrs), tcdj

    ejcsurjs th bfirjcsj tmj ihrphrctj bfihej tcx

    bf >73: cfl 44 rcbsj tmj shkblcrbty surimcroj4

    ikhsj phssbnbkbtbjs `hr bfihej tcx cvhblcfij (j.o., tbomtjf

    tmj lj`bfbtbhf h` `crejrs), tcdj ejcsurjs th bfirjcsj tmj

    ihrphrctj bfihej tcx bf >73: cfl rjqubrj 377 pjrijft

    clvcfij pcyejfts `hr ihrphrctj bfihej cfl orcluckky `hr

    bflbvbluck nusbfjss bfihej tcx ny >73?4 pmcsj huttmj

    prj`jrjftbck tcx trjctejft h` `crejrs bf tmj bfihej tcx

    ihlj ny >73?4 rcbsj tmj shkblcrbty surimcroj4

    cnhkbsm sunsblbjs `hr jxibsj hf lbjsjk hbk `hr

    `crejrscfl njttjr tcrojt jkbobnbkbty th mckvj mjctbfo

    hbk sunsblbjs jxpjflbturj bf tmj nulojt >7304

    >730

    cnhkbsm sunsblbjs `hr jxibsj hf lbjsjk hbk `hr `crejrs cfl

    njttjr tcrojt jkbobnbkbty th mckvj mjctbfo hbk sunsblbjs

    jxpjflbturj bf tmj nulojt >7304

    Bf vbjw h` cfy rjvbsbhf h` tmj zhfck prhpjrty vckujs,

    claust tmj prhpjrty tcx rctjs b` fjijsscry th

    sc`joucrl tmj >73: cfl >730 prhpjrty tcx rjvjfujs

    ct >.0: nbkkbhf cfl claust tmj cktjrfctbvj ebfbeue

    pjrshfck bfihej tcxctbhf.

    ,

    >73: >730 >,0: .

    Bf vbjw h` cfy rjvbsbhf h` tmj zhfck prhpjrty

    vckujs, claust tmj prhpjrty tcx rctjs b`

    fjijsscry th sc`joucrl tmj >73: cfl >730

    prhpjrty tcx rjvjfujs ct >.0: nbkkbhf cfl

    claust tmj cktjrfctbvj ebfbeue pjrshfck

    bfihej tcxctbhf.

    bf vbjw h` cfy rjvbsbhf h` tmj zhfck prhpjrty vckujs, claust

    tmj prhpjrty tcx rctjs b` fjijsscry th sc`joucrl tmj >73:

    cfl >730 prhpjrty tcx rjvjfujs ct >.0: nbkkbhf cfl claust

    tmj cktjrfctbvj ebfbeue pjrshfck bfihej tcxctbhf.

    jkbebfctj tmj irhss-nhrljr wbtmmhklbfo tcx

    bftrhluijl ny tmj bfstckkejfts cit (kcw ]]]]/>73:)

    cfl rjvjrsj tmj rjijft cejflejfts th tmj B\I bf

    tmj punkbi clebfbstrctbhf cit (kcw ]]]]/>73:),

    bfikulbfo tmj spjibck trjctejft h` corbiukturck

    bfihej.

    (

    />73:)

    B\I ( ]]]] / >73:),

    .

    jkbebfctj tmj irhss-nhrljr wbtmmhklbfo tcx

    bftrhluijl ny tmj bfstckkejfts cit (kcw

    ]]]]/>73:) cfl rjvjrsj tmj rjijft

    cejflejfts th tmj B\I bf tmj punkbi

    clebfbstrctbhf cit (kcw ]]]]/>73:), bfikulbfo

    tmj spjibck trjctejft h` corbiukturck bfihej.

    jkbebfctj tmj irhss-nhrljr wbtmmhklbfo tcx bftrhluijl ny

    tmj bfstckkejfts cit (kcw ]]]]/>73:) cfl rjvjrsj tmj

    rjijft cejflejfts th tmj B\I bf tmj punkbi clebfbstrctbhf

    cit (kcw ]]]]/>73:), bfikulbfo tmj spjibck trjctejft h`

    corbiukturck bfihej.

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    4/20

    37 , >73:

    clhpt hutstcflbfo rj`hres hf tmj ihljs hf bfihej

    tcx, cfl tcx prhijlurjs1 bftrhluij c fjw Irbebfck

    Kcw hf \cx Jvcsbhf cfl @rcul th cejfl tmj Ypjibck

    Wjfck Kcw >:>9/322? cfl cfy htmjr rjkjvcft

    kjobskctbhf, cfl rjpkcij Crtbikj ::, s 3 cfl >, h` tmj

    \WI, wbtm c vbjw, bftjr ckbc, th ehljrfbzj cfl

    nrhcljf tmj lj`bfbtbhf h` tcx `rcul cfl jvcsbhf th

    ckk tcxjs4 cnhkbsm ckk Ihlj h` Nhhd cfl ^jihrls `bfjs,

    bfikulbfo tmhsj kjvbjl ufljr kcw >:>9/322? ljvjkhp

    tmj tcx `rcejwhrd `hr ihkkjitbvj bfvjstejft vjmbikjscfl tmjbr pcrtbibpcfts ihfsbstjftky wbtm tmj B\I cfl

    bf kbfj wbtm njst prcitbijs bf tmj JZ.

    .

    >:>9/322?

    ::, 3

    > \WI , ,

    .

    >:>9/322?,

    B\I

    .

    clhpt hutstcflbfo rj`hres hf tmj ihljs hf

    bfihej tcx, cfl tcx prhijlurjs1 bftrhluij c

    fjw Irbebfck Kcw hf \cx Jvcsbhf cfl @rcul th

    cejfl tmj Ypjibck Wjfck Kcw >:>9/322? cfl

    cfy htmjr rjkjvcft kjobskctbhf, cfl rjpkcij

    Crtbikj ::, s 3 cfl >, h` tmj \WI, wbtm c vbjw,

    bftjr ckbc, th ehljrfbzj cfl nrhcljf tmj

    lj`bfbtbhf h` tcx `rcul cfl jvcsbhf th ckk tcxjs4

    cnhkbsm ckk Ihlj h` Nhhd cfl ^jihrls `bfjs,

    bfikulbfo tmhsj kjvbjl ufljr kcw >:>9/322?ljvjkhp tmj tcx `rcejwhrd `hr ihkkjitbvj

    bfvjstejft vjmbikjs cfl tmjbr pcrtbibpcfts

    ihfsbstjftky wbtm tmj B\I cfl bf kbfj wbtm njst

    prcitbijs bf tmj JZ.

    clhpt hutstcflbfo rj`hres hf tmj ihljs hf bfihej tcx,

    cfl tcx prhijlurjs1 bftrhluij c fjw Irbebfck Kcw hf \cx

    Jvcsbhf cfl @rcul th cejfl tmj Ypjibck Wjfck Kcw

    >:>9/322? cfl cfy htmjr rjkjvcft kjobskctbhf, cfl rjpkcij

    Crtbikj ::, s 3 cfl >, h` tmj \WI, wbtm c vbjw, bftjr ckbc, th

    ehljrfbzj cfl nrhcljf tmj lj`bfbtbhf h` tcx `rcul cfl

    jvcsbhf th ckk tcxjs4 cnhkbsm ckk Ihlj h` Nhhd cfl ^jihrls

    `bfjs, bfikulbfo tmhsj kjvbjl ufljr kcw >:>9/322? ljvjkhp

    tmj tcx `rcejwhrd `hr ihkkjitbvj bfvjstejft vjmbikjs cfl

    tmjbr pcrtbibpcfts ihfsbstjftky wbtm tmj B\I cfl bf kbfj wbtmnjst prcitbijs bf tmj JZ.

    clhpt kjobskctbhf th uporclj tmj hrocfbi nulojt kcw

    th1 (b) bftrhluij c `rcejwhrd `hr bfljpjfljft

    cojfibjs4 (bb) pmcsj hut jx-cftj culbts h` tmjMjkkjfbi Ihurt h` Culbthrs cfl ciihuft h``bijrs

    (yphkhohs)4 (bbb) obvj OL@Ys jxikusbvj `bfcfibck sjrvbij

    icpcibty cfl OCH phwjrs th hvjrsjj punkbi sjithr

    `bfcfijs4 cfl (bv) pmcsj hut `bsick culbt h``bijs ny

    Acfucry >73?.

    3.

    >.

    9.

    73?

    clhpt kjobskctbhf th uporclj tmj hrocfbi

    nulojt kcw th1 (b) bftrhluij c `rcejwhrd `hr

    bfljpjfljft cojfibjs4 (bb) pmcsjhut jx-cftj culbts h` pcyejfts ny tmj Mjkkjfbi

    Ihurt h` Culbthrs cfl ciihuft h``bijrs

    (yphkhohs)4 (bbb) obvj OL@Ys

    jxikusbvj `bfcfibck sjrvbij icpcibty cfl OCH

    phwjrs th hvjrsjj punkbi sjithr `bfcfijs4 cfl

    (bv) pmcsj hut `bsick culbt

    h``bijs ny Acfucry >73?.

    clhpt kjobskctbhf th uporclj tmj hrocfbi nulojt kcw th1 (b)

    bftrhluij c `rcejwhrd `hr bfljpjfljft cojfibjs4 (bb)

    pmcsj hut jx-cftj culbts h` tmj Mjkkjfbi Ihurt h` Culbthrscfl ciihuft h``bijrs (yphkhohs)4 (bbb) obvj OL@Ys jxikusbvj

    `bfcfibck sjrvbij icpcibty cfl OCH phwjrs th hvjrsjj

    punkbi sjithr `bfcfijs4 cfl (bv) pmcsj hut `bsick culbt

    h``bijs ny Acfucry >73?.

    bfirjcsj tmj rctj h` tmj thffcoj tcx cfl pmcsj hut

    spjibck tcx trjctejfts h` tmj smbppbfo bflustry.

    .

    bfirjcsj thffcoj tcx cfl bepkjejft cf

    j``jitbvj tcxctbhf `rcejwhrd `hr iheejribck

    smbppbfo.

    bfirjcsj tmj rctj h` tmj thffcoj tcx cfl pmcsj hut spjibck

    tcx trjctejfts h` tmj smbppbfo bflustry

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    5/20

    37 , >73:

    Ny Yjptjenjr >73:, (b) sbepkb`y tmj pjrshfck bfihej

    tcx irjlbt simjlukj4 (bb) rj-ljsbof cfl bftjorctj bfth

    tmj B\I tmj shkblcrbty surimcroj `hr bfihej h` >730

    th ehrj j``jitbvjky cimbjvj prhorjssbvbty bf tmj

    bfihej tcx systje4 (bbb) bssuj c ibriukcr hf `bfjs th

    jfsurj tmj iheprjmjfsbvj cfl ihfsbstjft

    cppkbictbhf h` tmj \WI4 (bv) cfl htmjr rjecbfbfo

    rj`hres cs spjib`bjl bf 2 h` tmj BE@ Ihuftry

    ^jphrt Fh. 373: 3.

    >.

    B\I

    >730

    9.

    \WI 730 th ehrj j``jitbvjky cimbjvj

    prhorjssbvbty bf tmj bfihej tcx systje4 (bbb)

    bssuj c ibriukcr hf `bfjs th jfsurj tmj

    iheprjmjfsbvj cfl ihfsbstjft cppkbictbhf h`

    tmj \WI4

    Ny Yjptjenjr >73:, (b) sbepkb`y tmj pjrshfck bfihej tcx

    irjlbt simjlukj4 (bb) rj-ljsbof cfl bftjorctj bfth tmj B\I

    tmj shkblcrbty surimcroj `hr bfihej h` >730 th ehrj

    j``jitbvjky cimbjvj prhorjssbvbty bf tmj bfihej tcx systje4

    (bbb) bssuj c ibriukcr hf `bfjs th jfsurj tmj iheprjmjfsbvj

    cfl ihfsbstjft cppkbictbhf h` tmj \WI4 (bv) cfl htmjr

    rjecbfbfo rj`hres cs spjib`bjl bf 2 h` tmj BE@ Ihuftry

    ^jphrt Fh. 373:, (b) rj-

    jstcnkbsm `ukk BFF prjsirbptbhf, wbtmhut jxijptbhfs,

    (bb) rjluij cs c `brst stjp tmj prbij h` ckk h``-pctjft

    lruos th :7 pjrijft cfl ckk ojfjrbis th 9>.: pjrijft

    h` tmj pctjft prbij, ny rjpjckbfo tmj orcfl`ctmjrbfo

    ikcusj `hr ejlbibfjs ckrjcly bf tmj ecrdjt bf >73>,

    cfl (bbb)) rjvbjw cfl kbebt tmj prbijs h` lbcofhstbi

    tjsts th nrbfo struiturck spjflbfo bf kbfj wbtm ikcw

    ncid tcrojts4 cfl (bv) ihkkjit bf tmj `ukk tmj >7373: ikcwncid

    ijbkbfos th >730.

    3

    1 B.

    BB. ,

    , :7%

    9>,:% , .

    BP. ikcwncid

    >7373: dcb >730.

    Hf mjcktm icrj, j``jitbvj cs h` Auky 3, >73:, (b)

    rj-jstcnkbsm `ukk BFF prjsirbptbhf, wbtmhut

    jxijptbhfs, (bb) rjluij cs c `brst stjp tmj prbij

    h` ckk h``-pctjft lruos th :7 pjrijft cfl ckk

    ojfjrbis th 9>.: pjrijft h` tmj pctjft prbij, ny

    rjpjckbfo tmj orcfl`ctmjrbfo ikcusj `hr

    ejlbibfjs ckrjcly bf tmj ecrdjt bf >73>, cfl

    (bbb)) rjvbjw cfl kbebt tmj prbijs h` lbcofhstbi

    tjsts th nrbfo struiturck spjflbfo bf kbfj wbtmikcw ncid tcrojts4 cfl (bv) ihkkjit bf tmj `ukk tmj

    >73< ikcwncid `hr prbvctj ikbfbis, lbcofhstbis

    cfl pmcrecijutbicks, cfl jxtjfl tmjbr >73:

    ikcwncid ijbkbfos th >730.

    Hf mjcktm icrj, j``jitbvj cs h` Auky 3, >73:, (b) rj-jstcnkbsm

    `ukk BFF prjsirbptbhf, wbtmhut jxijptbhfs, (bb) rjluij cs c

    `brst stjp tmj prbij h` ckk h``-pctjft lruos th :7 pjrijft

    cfl ckk ojfjrbis th 9>.: pjrijft h` tmj pctjft prbij, ny

    rjpjckbfo tmj orcfl`ctmjrbfo ikcusj `hr ejlbibfjs ckrjcly

    bf tmj ecrdjt bf >73>, cfl (bbb)) rjvbjw cfl kbebt tmj prbijs

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    .

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    corjjl tjres h` rj`jrjfij wbtm tmj tjimfbick

    cssbstcfij h` tmj _hrkl Ncfd bf hrljr th pmcsj-

    bf c systje h` OEB wmbim lhjs fht rjky hf

    rjkctjl iuts bf njfj`bts bf dbfl.

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    h` rj`jrjfij wbtm tmj tjimfbick cssbstcfij h` tmj _hrkl

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    `bfcfij c `bsickky fjutrck orcluck rhkk-hut h` tmj OEB bf

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    h` rj`jrjfij wbtm tmj tjimfbick cssbstcfij h` tmj _hrkl

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    Acfucr >730.Bfihrphrctj bfth tmj >730 nulojt1 >7301 Bfihrphrctj bfth tmj >730 nulojt1

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    6/20

    37 , >73:

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    spjflbfo ny 73: cfl ny >77 ebkkbhf bf >730 wbtm c

    tcrojtjl sjt h` citbhfs, bfikulbfo c rjluitbhf bf mjclihuft

    cfl prhiurjejft4

    bftrhluij rj`hre h` tmj bfihej tcx ihlj, bftjr ckbc

    ihvjrbfo icpbtck tcxctbhfU, bfvjstejft vjmbikjs,

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    vjmbikjs, `crejrs cfl tmj sjk`- jepkhyjl, jti.4

    bftrhluij rj`hre h` tmj bfihej tcx ihlj, Tbftjr ckbc

    ihvjrbfo icpbtck tcxctbhfU, bfvjstejft vjmbikjs, `crejrs

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    rcbsj tmj ihrphrctj tcx rctj `rhe >0% th >=%4

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    >73< bfihej tcxjs cfl njyhfl4

    bepkjejft tcxctbhf hf Orhss Ocebfo ^jvjfujs

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    bfstckkjl ct sjihfl mck` h` >73: cfl >7304 cfl

    ,

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    '

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    h` 97% hf PK\ ocejs jxpjitjl th nj bfstckkjl

    ct sjihfl mck` h` >73: cfl >7304

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    kcufim tmj tjfljr prhijss `hr tmj bssubfo h` 2%) tmct wbkk rjsukt bf cllbtbhfck

    rjvjfujs h` 397 ebkkbhf.

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    7/20

    37 , >73:

    rj`hre wbtm th cimbjvj jqubvckjft scvbfos cfl

    tcdj `urtmjr stjps th beprhvj tmj pjfsbhf systje.

    .

    >737

    ( 9=09/>737)

    >73>,

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    ufsustcbfcnkj cfl fjjls `uflcejftck rj`hres. \mbs bs wmy

    tmjy wbkk bepkjejft bf `ukk tmj >737 pjfsbhf rj`hre kcw

    (9=09/>737), cfl bepkjejft bf `ukk hr rjpkcij/claust tmj

    sustcbfcnbkbty `cithrs `hr suppkjejftcry cfl kuep-sue

    pjfsbhfs `rhe tmj >73> rj`hre cs c pcrt h` tmj fjw

    pjfsbhf rj`hre bf Hithnjr >73: th cimbjvj jqubvckjft

    scvbfos cfl tcdj `urtmjr stjps th beprhvj tmj pjfsbhfsystje.

    J``jitbvj `rhe Auky 3, >73: tmj cutmhrbtbjs wbkk pmcsj-

    bf rj`hres tmct whukl ljkbvjr jstbectjl pjrecfjft

    scvbfos h` - pjrijft h` OLW bf >73: cfl 3

    pjrijft h` OLW hf c `ukk yjcr ncsbs bf >730 cfl

    tmjrjc`tjr ny clhptbfo kjobskctbhf th1

    3 >73:

    7,>:% -

    7,:% >73: 3%

    >730

    J``jitbvj `rhe 93 Hithnjr >73: tmj cutmhrbtbjs

    wbkk pmcsj-bf rj`hres tmct whukl ljkbvjr

    jstbectjl pjrecfjft scvbfos h` - pjrijft

    h` OLW bf >73: cfl 3 pjrijft h` OLW hf c `ukk

    yjcr ncsbs bf >730 cfl tmjrjc`tjr ny clhptbfo

    kjobskctbhf th1

    J``jitbvj `rhe Auky 3, >73: tmj cutmhrbtbjs wbkk pmcsj-bf

    rj`hres tmct whukl ljkbvjr jstbectjl pjrecfjft scvbfos

    h` - pjrijft h` OLW bf >73: cfl 3 pjrijft h` OLW hf c

    `ukk yjcr ncsbs bf >730 cfl tmjrjc`tjr ny clhptbfo

    kjobskctbhf th1

    irjctj strhfo lbsbfijftbvjs th jcrky rjtbrjejft,bfikulbfo tmj claustejft h` jcrky rjtbrjejft

    pjfcktbjs, cfl tmrhuom c orcluck jkbebfctbhf h`

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    clcptbfo th tmj kbebt h` stctuthry rjtbrjejft

    coj h` T0?U yjcrs, hr 0> cfl 7>>, cppkbicnkj `hr ckk tmhsj

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    ehtmjrs wbtm imbklrjf wbtm lbscnbkbty) c`tjr

    Hithnjr 93, >73:4

    irjctj strhfo lbsbfijftbvjs th jcrky rjtbrjejft, bfikulbfotmj claustejft h` jcrky rjtbrjejft pjfcktbjs, cfl tmrhuom

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    wbtmbeejlbctj cppkbictbhf4

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    tmj rjtbrjejft coj pjrbhl, jqubvckjft th 37

    pjrijft hf thp h` tmj iurrjft pjfckty h` 0

    jrijft

    clhpt kjobskctbhf sh tmct wbtmlrcwcks `rhe tmj YhibckBfsurcfij @ufl wbkk bfiur cf cffuck pjfckty, `hr tmhsj

    c``jitjl ny tmj jxtjfsbhf h` tmj rjtbrjejft coj pjrbhl,

    jqubvckjft th 37 pjrijft hf thp h` tmj iurrjft pjfckty h` 0

    pjrijft4

    bftjorctj bfth J\JC ckk suppkjejftcry pjfsbhf `ufls

    cfl jfsurj tmct, stcrtbfo Acfucry 3, >73:, ckk

    suppkjejftcry pjfsbhf `ufls crj hfky `bfcfijl ny

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    jfsurj tmct, stcrtbfo Acfucry 3, >73:, ckk suppkjejftcry

    pjfsbhf `ufls crj hfky `bfcfijl ny hwf ihftrbnutbhfs4

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    8/20

    37 , >73:

    njttjr tcrojt shibck pjfsbhfs ny bfirjcsbfo HOC

    ufbfsurjl pjfsbhf4

    .

    Njttjr tcrojt shibck pjfsbhfs ny bfirjcsbfo HOC

    ufbfsurjl pjfsbhf4

    njttjr tcrojt shibck pjfsbhfs ny bfirjcsbfo HOC ufbfsurjl

    pjfsbhf4

    Orcluckky pmcsj hut tmj shkblcrbty orcft (JDCY) `hr

    ckk pjfsbhfjrs ny jfl-Ljijenjr >732. \mbs smckk

    stcrt beejlbctjky cs rjocrls tmj thp >7% h`

    njfj`bibcrbjs wbtm tmj ehlckbtbjs h` tmj pmcsj hut

    th nj corjjl wbtm tmj bfstbtutbhfs4

    >732.

    >7%

    .

    Orcluckky rjpkcij tmj shkblcrbty orcft (JDCY)

    `hr ckk pjfsbhfjrs ny jfl-Ljijenjr >73=4

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    pjfsbhfjrs ny jfl-Ljijenjr >732. \mbs smckk nj kjobskctjl

    beejlbctjky cfl smckk stcrt cs rjocrls tmj thp >7% h`

    njfj`bibcrbjs bf Ecrim >730 wbtm tmj ehlckbtbjs h` tmj

    pmcsj hut th nj corjjl wbtm tmj bfstbtutbhfs4

    `rjjzj ehftmky oucrcftjjl ihftrbnuthry pjfsbhf

    kbebts bf fhebfck tjres uftbk >7>34

    >7>3.

    rjsthrj jepkhyjr ihftrbnutbhf `hr ecbf

    pjfsbhfs th >73< kjvjks (9.2% - BDC)4

    `rjjzj ehftmky oucrcftjjl ihftrbnuthry pjfsbhf kbebts bf

    fhebfck tjres uftbk >7>34

    prhvblj th pjhpkj rjtbrbfo c`tjr 97 Aufj >73: tmj

    ncsbi, oucrcftjjl ihftrbnuthry, cfl ejcfs tjstjl

    pjfsbhfs hfky ct tmj cttcbfejft h` tmj stctuthry

    fhreck rjtbrjejft coj h` iurrjftky 0? yjcrs4

    97 >73:

    prhvblj th pjhpkj rjtbrbfo c`tjr 97 Aufj >73: tmj ncsbi,

    oucrcftjjl ihftrbnuthry, cfl ejcfs tjstjl pjfsbhfs hfky

    ct tmj cttcbfejft h` tmj stctuthry fhreck rjtbrjejft coj

    h` iurrjftky 0? yjcrs4

    bfirjcsj tmj rjkctbvjky khw mjcktm ihftrbnutbhfs `hr

    pjfsbhfjrs `rhe 73:4

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    9/20

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    10/20

    37 , >73:

    :. Wunkbi Clebfbstrctbhf, Austbij cfl Cftb

    Ihrruptbhf

    :. , ,

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    Ihrruptbhf

    :. Wunkbi Clebfbstrctbhf, Austbij cfl Cftb Ihrruptbhf

    Clhpt kjobskctbhf th1 1 Clhpt kjobskctbhf th1 Clhpt kjobskctbhf th1

    rj`hre tmj ufb`bjl wcoj orbl, j``jitbvj 3 Acfucry,

    >730, sjttbfo tmj djy pcrcejtjrs bf c bsickky

    fjutrck ecffjr cfl ihfsbstjft wbtm tmj corjjl

    wcoj nbkk tcrojts cfl wbtm iheprjmjfsbvj

    cppkbictbhf cirhss tmj punkbi sjithr, bfikulbfo

    ljiheprjssbfo tmj wcoj lbstrbnutbhf cirhss tmj

    wcoj spjitrue bf ihffjitbhf wbtm tmj sdbkk,pjr`hrecfij cfl rjsphfsbnbkbty h` stc``.

    ,

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    ,

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    `bsickky fjutrck ecffjr cfl ihfsbstjft wbtm tmj

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    sjithr, bfikulbfo ljiheprjssbfo tmj wcoj

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    rj`hre tmj ufb`bjl wcoj orbl, j``jitbvj 3 Acfucry, >730,

    sjttbfo tmj djy pcrcejtjrs bf c `bsickky fjutrck ecffjr cfl

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    wbkk nj clhptjl ny jfl-Fhvjenjr >73:

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    oucrcftjjl stcrtbfo phbft tmj sckcrbjs h` jcim

    jepkhyjj cs h` 93 Ljijenjr >7373:

    \mj cutmhrbtbjs wbkk cksh clhpt kjobskctbhf th rctbhfckbsj tmj

    spjibckbsjl wcoj orbls, ny jfl-Fhvjenjr >73:)

    ckbof fhf-wcoj njfj`bts suim cs kjcvj

    crrcfojejfts, pjr lbjes, trcvjk ckkhwcfijs cfl

    pjrds, wbtm njst prcitbijs bf tmj JZ, j``jitbvj 3Acfucry >7304

    ,

    ,

    3 >730.

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    crrcfojejfts, pjr lbjes, trcvjk ckkhwcfijs

    cfl pjrds, wbtm njst prcitbijs bf tmj JZ,j``jitbvj 3 Acfucry >7304

    ckbof fhf-wcoj njfj`bts suim cs kjcvj crrcfojejfts, pjr

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    tmj JZ, j``jitbvj 3 Acfucry >7304

    rj`hre tmj Ibvbk Wrhijlurj Ihlj, bf kbfj wbtm

    prjvbhus corjjejfts4

    ,

    rj`hre tmj Ibvbk Wrhijlurj Ihlj, bf

    ihfsuktctbhf wbtm tmj bfstbtutbhfs.4

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    jstcnkbsm wbtmbf tmj fjw E\@Y ijbkbfos `hr tmj

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    ihfsbstjft wbtm cimbjvbfo tmj `bsick tcrojts cfl

    jfsurbfo c fhf-bfirjcsbfo pctm h` tmj wcoj nbkk

    rjkctbvj th OLW uftbk >7324

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    cimbjvbfo tmj `bsick tcrojts cfl jfsurbfo c ljikbfbfo pctm

    h` tmj wcoj nbkk rjkctbvj th OLW uftbk >7324

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    11/20

    37 , >73:

    bftrhluij c fjw pjrecfjft ehnbkbty simjej cppkbjl ny

    S< >73:. \mj simjej wbkk prhehtj tmj usj h` ahn

    ljsirbptbhf cfl wbkk nj kbfdjl wbtm cf hfkbfj lctcncsj tmct

    wbkk bfikulj ckk iurrjft vcicfibjs. @bfck ljibsbhf hf

    jepkhyjj ehnbkbty wbkk nj tcdjf ny jcim sjrvbij

    ihfijrfjl. \mbs wbkk rctbhfckbzj tmj ckkhictbhf h` rjshurijs

    cs wjkk cs tmj stc``bfo cirhss tmj Ojfjrck Ohvjrfejft.

    strjfotmjf tmj ohvjrfcfij h` JKY\C\. Bt smckk ihvjr

    (b) tmj rhkj cfl strui turj h` tmj Clvbshry nhlbjs h`

    tmj Mjkkjfbi Ytctbstbick Yystje, bfikulbfo tmj

    rjicstbfo h` tmj Ihufibk h` JKYY th cf clvbshry

    Iheebttjj h` tmj JKYY, cfl tmj rhkj h` tmj Ohhl

    Wrcitbij Clvbshry Iheebttjj (OWCI)4 (bb) tmj

    rjirubtejft prhijlurj `hr tmj Wrjsbljft h` JKY\C\,

    th jfsurj tmct c Wrjsbljft h` tmj mbomjst

    prh`jssbhfck ickbnrj bs rjirubtjl, `hkkhwbfo

    trcfspcrjft prhijlurjs cfl sjkjitbhf irbtjrbc4 (bbb)

    tmj bfvhkvjejft h` JKY\C\ cs cpprhprbctj bf cfy

    kjobskctbvj hr htmjr kjock prhphsck pjrtcbfbfo th cfy

    stctbstbick ecttjr4 (bv) htmjr bssujs tmct bepcit tmj

    bfljpjfljfij h` JKY\C\, bfikulbfo `bfcfibck

    cuthfhey, tmj jephwjrejft h` JKY\C\ th

    rjckkhictj jxbstbfo pjrecfjft phsts cfl th mbrj

    stc`` wmjrj bt bs fjjljl cfl th mbrj spjibckbsjl

    sibjftb`bi pjrshffjk, cfl tmj ikcssb`bictbhf h` tmj

    bfstbtutbhf cs c `bsick phkbiy nhly bf tmj rjijft kcw

    ?7/>73

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    12/20

    37 , >73:

    Wunkbsm c rjvbsjl Ytrctjobi Wkcf cocbfst Ihrruptbhf

    ny 93 Auky >73:. Cejfl cfl bepkjejft tmj kjock

    `rcejwhrd `hr tmj ljikcrctbhf h` cssjts cfl

    `bfcfibfo h` tmj phkbtbick pcrtbjs cfl clhpt

    kjobskctbhf bfsukctbfo `bfcfibck irbej cfl cftb-

    ihrruptbhf bfvjstboctbhfs `rhe phkbtbick bftjrvjftbhf

    bf bflbvbluck icsjs.

    93 >73:.

    .

    Wunkbsm c rjvbsjl Ytrctjobi Wkcf cocbfst Ihrruptbhf ny 93

    Auky >73:. Cejfl cfl bepkjejft tmj kjock `rcejwhrd `hr

    tmj ljikcrctbhf h` cssjts cfl `bfcfibfo h` tmj phkbtbick

    pcrtbjs cfl clhpt kjobskctbhf bfsukctbfo `bfcfibck irbej cfl

    cftb-ihrruptbhf bfvjstboctbhfs `rhe phkbtbick bftjrvjftbhf bf

    bflbvbluck icsjs

    Ehrjhvjr, bf ihkkcnhrctbhf wbtm tmj HJIL, tmj Cutmhrbtbjs

    wbkk1

    Ytrjfotmjf ihftrhks bf punkbi jftbtbjs cfl jspjibckky

    YHJs. Jephwjr tmj Kbfj Ebfbstrbjs th pjr`hre rhnust

    culbt cfl ihftrhk bfspjitbhfs th supjrvbsjl jftbtbjs

    bfikulbf YHJs. Ytrjfotmjf ihftrhks cfl bftjrfck culbt prhijssjs bf

    mbom spjflbfo Khick Ohvjrfejft Bfstbtutbhfs cfl tmjbr

    supjrvbsjl kjock jftbtbjs. Ytrjfotmjf ihftrhks bf punkbi cfl prbvctj bfvjstejft

    icsjs `ufljl jbtmjr ny fctbhfck hr ih-`ufljl ny htmjr

    shurijs, punkbi whrds cfl punkbi prhiurjejft (j.o. bf

    mjcktm sjithr YLB\ . Ytrjfotmjf trcfspcrjfiy cfl ihftrhk prhijssjs cfl

    sdbkks bf tcx cfl iusthes cutmhrbtbjs.

    Cssjss ecahr rbsds bf tmj punkbi prhiurjejft iyikj,

    tcdbfo bf ihfsbljrctbhf tmj rjijft ljvjkhpejfts (Ijftrck

    Wurimcsbfo cfl j-Wrhiurjejft1 DMELMY cfl JYMLMY)

    cfl tmj fjjl th mcvj c ikjcr ohvjrfcfij `rcejwhrd.

    Ljvjkhp strctjoy ciihrlbfo th tmj cssjssejft(S< >73:)

    Bepkjejft strctjoy th ebtboctj punkbi prhiurjejft

    rbsds.(S3 >730)

    Cssjss > spjib`bi sjithrs, Mjcktm cfl Wunkbi _hrds bf

    hrljr th ufljrstcfl tmj jxbstbfo ihfstrcbfs rjkctjl th

    ihrruptbhf cfl wcstj rbsds cfl prhphsj ejcsurjs thcllrjss tmje. Ljvjkhp cfl bepkjejft strctjoy. (S< >73:)

    37 >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    13/20

    37 , >73:

    0. \cx clebfbstrctbhf 0. 0. \cx clebfbstrctbhf 0. \cx clebfbstrctbhf

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    Clhpt kjobskctbhf th jstcnkbsm cf cuthfhehus

    rjvjfuj cojfiy, tmct spjib`bjs1 (b) tmj cojfiys kjock

    `hre, hrocfbzctbhf, stctus, cfl sihpj4 (bb) tmj

    phwjrs cfl `ufitbhfs h` tmj IJH cfl tmj

    bfljpjfljft Nhcrl h` Ohvjrfhrs4 (bbb) tmj

    rjkctbhfsmbp th tmj Ebfbstjr h` @bfcfij cfl htmjr

    ohvjrfejft jftbtbjs4 (bv) tmj cojfiys muecfrjshurij `kjxbnbkbty cfl rjkctbhfsmbp th tmj ibvbk

    sjrvbij4 (v) nulojt cuthfhey, wbtm hwf OL@Y cfl c

    fjw `uflbfo `hreukc th ckbof bfijftbvjs wbtm

    rjvjfuj ihkkjitbhf cfl oucrcftjj nulojt

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    kbcnbkbtbjs `hr fht pursubfo hkl ljnt4 rjehvjrjstrbitbhfs hf ihfluitbfo culbts h` tcx rjturfs

    `rhe >73> sunajit th tmj jxtjrfck tcx

    ijrtb`bictj simjej4 cfl jf`hrij b` kjockky

    phssbnkj up`rhft pcyejft ihkkjitbhf bf tcx

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    hf ocrfbsmejfts, clhpt kjobskctbhf th jkbebfctj tmj >:

    pjrijft ijbkbfo hf wcojs cfl pjfsbhfs cfl khwjr ckk

    tmrjsmhkls h` 3,:77wmbkj jfsurbfo bf ckk icsjs rjcshfcnkj

    kbvbfo ihflbtbhfs4 ciijkjrctj prhiurjejft h` B\

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    ihfluitbfo culbts h` tcx rjturfs `rhe >73> sunajit th tmjjxtjrfck tcx ijrtb`bictj simjej4 cfl jf`hrij b` kjockky

    phssbnkj up`rhft pcyejft ihkkjitbhf bf tcx lbsputjs.

    37 >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    14/20

    37 , >73:

    cejfl (b) tmj >7373: tmj

    kcroj ljnthrs wbtm tcx cfl YYI ljnt jxijjlbfo 3

    ebkkbhf cfl (bb) tmj ncsbi bfstckejft simjej/\WI th

    claust tmj ecrdjt-ncsjl bftjrjst rctjs cflsuspjfl uftbk jfl->73? tmbrl- pcrty vjrb`bictbhf cfl

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    claust tmj ecrdjt-ncsjl bftjrjst rctjs cfl

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    cfl ncfd oucrcftjj rjqubrjejfts

    cejfl (b) tmj >7373: tmj kcroj ljnthrs wbtm tcx cfl YYI

    ljnt jxijjlbfo 3 ebkkbhf (j.o. vjrb`y tmjbr icpcibty th pcy

    cfl tcdj ihrrjitbvj citbhf) cfl (bb) tmj ncsbi bfstckejft

    simjej/\WI th claust tmj ecrdjt-ncsjl bftjrjst rctjs cflsuspjfl uftbk jfl->73? tmbrl-pcrty vjrb`bictbhf cfl ncfd

    oucrcftjj rjqubrjejfts.

    Clhpt kjobskctbhf th ciijkjrctj lj-rjobstrctbhf

    prhijlurjs cfl kbebt PC\ rj-rjobstrctbhf th prhtjit

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    prhvblj tmj Wrjsbljftbck Ljirjj fjjljl `hr tmj

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    ihenct `ujk seuookbfo, vbc kjobskctbvj ejcsurjs `hr

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    37 >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    15/20

    37 , >73:

    prhluij c pkcf wmjrjny tmj YOW^ bftjfsb`bjs`bomt

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    rjihvjr ufpcbl tcxjs4

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    `hr ihenctbfo tcx jvcsbhf wmbim bfikuljs ( b) bljftb`bictbhf

    h` ufljikcrjl ljphsbts ny imjidbfo ncfd trcfscitbhfs bf

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    37 , >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    16/20

    7 , 7 :

    ?. @bfcfibck sjithr ?. ?. @bfcfibck sjithr ?. @bfcfibck sjithr

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    kcroj ncidkho h` icsjs4 (bbb) cejflejfts th beprhvjbeejlbctjky tmj aulbibck `rcejwhrd `hr ihrphrctj

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    `rhe ohhl `cbtm ljnthrs cs wjkk cs sbepkb`y cfl

    strjfotmjf tmj prhijlurjs cfl bftrhluij

    ejcsurjs th cllrjss tmj kcroj ncidkho h`icsjs4 (bbb) cejflejfts th beprhvj

    beejlbctjky tmj aulbibck `rcejwhrd `hr

    ihrphrctj cfl mhusjmhkl bfshkvjfiy ecttjrs4

    (bv) kjobskctbhf th jstcnkbsm c rjoukctjl

    prh`jssbhf h` bfshkvjfiy clebfbstrcthrs, fht

    rjstrbitjl th cfy spjib`bi prh`jssbhf cfl bf kbfj

    wbtm ohhl irhss-ihuftry jxpjrbjfij4 (v) c

    iheprjmjfsbvj strctjoy `hr tmj `bfcfibck

    systje1 tmbs strctjoy wbkk nubkl hf tmj strctjoy

    lhiuejft `rhe >739, tcdbfo bfth ciihuft tmj

    fjw jfvbrhfejft cfl ihflbtbhfs h` tmj

    `bfcfibck systje cfl wbtm c vbjw h` rjturfbfotmj ncfds bf prbvctj hwfjrsmbp ny cttrcitbfo

    bftjrfctbhfck strctjobi bfvjsthrs cfl th cimbjvj

    c sustcbfcnkj `uflbfo ehljk hvjr tmj ejlbue

    tjre4 cfl (vb) c mhkbstbi FWK rjshkutbhf

    strctjoy, prjpcrjl wbtm tmj mjkp h` c strctjobi

    ihfsuktcft.

    Clhpt1 (b) cejflejfts th tmj ihrphrctj cfl mhusjmhkl

    bfshkvjfiy kcws bfikulbfo th ihvjr ckk ljnthrs cfl nrbfo

    tmj ihrphrctj bfshkvjfiy kcw bf kbfj wbtm tmj HI_ kcw4 (bb)

    cejflejfts th tmj mhusjmhkl bfshkvjfiy kcw th

    bftrhluij c ejimcfbse th sjpcrctj strctjobi lj`cuktjrs

    `rhe ohhl `cbtm ljnthrs cs wjkk cs sbepkb`y cfl strjfotmjf

    tmj prhijlurjs cfl bftrhluij ejcsurjs th cllrjss tmj

    kcroj ncidkho h` icsjs4 (bbb) cejflejfts th beprhvj

    beejlbctjky tmj aulbibck `rcejwhrd `hr ihrphrctj cflmhusjmhkl bfshkvjfiy ecttjrs4 (bv) kjobskctbhf th jstcnkbsm

    c rjoukctjl prh`jssbhf h` bfshkvjfiy clebfbstrcthrs, fht

    rjstrbitjl th cfy spjib`bi prh`jssbhf cfl bf kbfj wbtm ohhl

    irhss-ihuftry jxpjrbjfij4 (v) c iheprjmjfsbvj strctjoy

    `hr tmj `bfcfibck systje1 tmbs strctjoy wbkk nubkl hf tmj

    strctjoy lhiuejft `rhe >739, tcdbfo bfth ciihuft tmj

    fjw jfvbrhfejft cfl ihflbtbhfs h` tmj `bfcfibck systje

    cfl wbtm c vbjw h` rjturfbfo tmj ncfds bf prbvctj

    hwfjrsmbp ny cttrcitbfo bftjrfctbhfck strctjobi bfvjsthrs

    cfl th cimbjvj c sustcbfcnkj `uflbfo ehljk hvjr tmj

    ejlbue tjre4 cfl (vb) c mhkbstbi FWK rjshkutbhf strctjoy,

    prjpcrjl wbtm tmj mjkp h` c strctjobi ihfsuktcft.

    37 , >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    17/20

    =. Kcnhur Ecrdjt =. Kcnhur Ecrdjt =. Kcnhur Ecrdjt

    Kcufim c ihfsuktctbhf prhijss sbebkcr th tmct

    `hrjsjjf `hr tmj ljtjrebfctbhf h` tmj kjvjk h` tmj

    ebfbeue wcoj (Crt. 379 h` Kcw />739) th

    rjvbjw tmj jxbstbfo `rcejwhrds h` ihkkjitbvj

    lbsebsscks, bflustrbck citbhf, cfl ihkkjitbvj

    ncrocbfbfo, tcdbfo bfth ciihuft njst prcitbijs

    jksjwmjrj bf Jurhpj. @urtmjr bfput th tmj rjvbjw

    ljsirbnjl cnhvj wbkk nj prhvbljl ny bftjrfctbhfck

    hrocfbsctbhfs, bfikulbfo tmj BKH.\mj hrocfbzctbhfcfl tbejkbfjs smckk nj lrcwf up bf ihfsuktctbhf

    wbtm tmj bfstbtutbhfs. Fh imcfojs th tmj iurrjft

    ihkkjitbvj ncrocbfbfo `rcejwhrd wbkk nj eclj prbhr

    th tmj i hfikusbhf h` tmj rjvbjw cfl bf cfy icsj

    fht nj`hrj jfl->73:. Cfy prhphsjl imcfojs th tmj

    kjobskctbvj

    `rcejwhrds wbkk hfky nj clhptjl bf corjjejft wbtm

    tmj JI/JIN/BE@. \mj cutmhrbtbjs wbkk tcdj citbhfs

    th `bomt ufljikcrjl whrd bf hrljr th strjfotmjf tmj

    ihepjtbtbvjfjss h` kjock ihepcfbjs cfl prhtjit

    whrdjrs cs wjkk cs tcx

    cfl shibck sjiurbty rjvjfujs.

    Ihfikulj tmj ihfsuktctbhf prhijss sbebkcr th

    tmct `hrjsjjf `hr tmj ljtjrebfctbhf h` tmj

    kjvjk h` tmj ebfbeue wcoj (Crt. 379 h` Kcw

    />739) th rjvbjw tmj jxbstbfo `rcejwhrds

    h` `hr ihkkjitbvj ncrocbfbfo, tcdbfo bfth ciihuft

    njst prcitbijs jksjwmjrj bf Jurhpj. @urtmjr

    bfput th tmj rjvbjw ljsirbnjl cnhvj wbkk nj

    prhvbljl ny bftjrfctbhfck hrocfbsctbhfs,

    bfikulbfo tmj BKH. \mj cutmhrbtbjs wbkk tcdjcitbhfs th `bomt ufljikcrjl whrd Tth nj

    spjib`bjlU bf hrljr th strjfotmjf tmj

    ihepjtbtbvjfjss h` kjock ihepcfbjs cfl

    prhtjit whrdjrs cs wjkk cs tcx cfl shibck

    sjiurbty rjvjfujs.

    Kcufim c ihfsuktctbhf prhijss th rjvbjw tmj wmhkj rcfoj

    h` jxbstbfo kcnhur ecrdjt crrcfojejfts, tcdbfo bfth

    ciihuft njst prcitbijs jksjwmjrj bf Jurhpj. @urtmjr bfput

    th tmj ihfsuktctbhf prhijss ljsirbnjl cnhvj wbkk nj

    prhvbljl ny bftjrfctbhfck hrocfbsctbhfs, bfikulbfo tmj BKH.

    \mj hrocfbzctbhf cfl tbejkbfjs smckk nj lrcwf up bf

    ihfsuktctbhf wbtm tmj bfstbtutbhfs. Bf tmbs ihftjxt,

    kjobskctbhf hf c fjw systje h` ihkkjitbvj ncrocbfbfo smhukl

    nj rjcly ny S< >73:. \mj cutmhrbtbjs wbkk tcdj citbhfs th`bomt ufljikcrjl whrd bf hrljr th strjfotmjf tmj

    ihepjtbtbvjfjss h` kjock ihepcfbjs cfl prhtjit whrdjrs

    cs wjkk cs tcx cfl shibck sjiurbty rjvjfujs.

    37 , >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    18/20

    2. Wrhluit ecrdjt 2. Wrhluit ecrdjt 2. Wrhluit ecrdjt

    Clhpt kjobskctbhf th Clhpt kjobskctbhf th1 Clhpt kjobskctbhf th1

    bepkjejft ckk tmj pjflbfo rjiheejflctbhfs h` tmj

    HJIL ihepjtbtbhf thhkdbt B, bfikulbfo bftjr ckbc truid

    kbijfsjs, cfl tmj HJIL thhkdbt BB

    rjiheejflctbhfs hf njvjrcojs cfl pjtrhkjue

    prhluits4

    bepkjejft corjjl rjiheejflctbhfs h` tmj

    HJIL th nj ihfikuljl ny jfl h` Auky >730 bf

    ihffjitbhf wbtm ihepjtbtbhf thhkdbt B cfl hf

    njvjrcojs cfl pjtrhkjue prhluits4 hpjf tmj

    rjstrbitjl prh`jssbhfs h` jfobfjjrs, fhtcrbjs,

    citucrbjs, cfl ncbkb``s, cfl kbnjrckbzj tmj ecrdjt

    `hr thurbst rjftcks4

    bepkjejft ckk pjflbfo rjiheejflctbhfs h` tmj HJIL

    ihepjtbtbhf thhkdbt B, jxijpt H\I pmcrecijutbick

    prhluits, stcrtbfo wbtm1 thurbst nusjs, truid kbijfsjs, ihlj

    h` ihfluit `hr trclbtbhfck `hhlstu``, jurhihljs hf nubklbfo

    ectjrbcks, cfl ckk tmj HJIL thhkdbt BB rjiheejflctbhfs hf

    njvjrcojs cfl pjtrhkjue prhluits4

    Bf hrljr th `hstjr ihepjtbtbhf cfl bfirjcsj ihfsuejr

    wjk`crj beejlbctjky kcufim c fjw ihepjtbtbhf

    cssjssejft, bf ihkkcnhrctbhf cfl wbtm tmj tjimfbick

    supphrt h` tmj HJIL, hf wmhkjsckj trclj, ihfstruitbhf, j-

    iheejrij cfl ejlbc. \mj cssjssejft wbkk nj ihfikuljl

    ny S3 >730.\mj rjiheejflctbhfs wbkk nj clhptjl ny S>

    hpjf tmj rjstrbitjl prh`jssbhfs h` jfobfjjrs,

    fhtcrbjs, citucrbjs, cfl ncbkb``s, cfl kbnjrckbzj tmj

    ecrdjt `hr thurbst rjftcks cfl ` jrry trcfsphrtctbhf

    hpjf tmj rjstrbitjl prh`jssbhfs h` jfobfjjrs, fhtcrbjs,

    citucrbjs, cfl ncbkb``s cfl kbnjrckbzj tmj ecrdjt `hr thurbst

    rjftcks

    jkbebfctj rjibprhick cfl fhf-rjibprhick fubscfij

    imcrojs4

    lrcstbickky rjluij rjibprhick cfl fhf-

    rjibprhick fubscfij imcrojs4

    jkbebfctj fhf-rjibprhick fubscfij imcrojs cfl ckbof tmj

    rjibprhick fubscfij imcrojs th tmj sjrvbijs prhvbljl4

    (b) rjluij rjl tcpj, bfikulbfo hf mhrbzhftck kbijfsbfo

    rjqubrjejfts h` bfvjstejfts cfl hf khw-rbsd

    citbvbtbjs cs rjiheejfljl ny tmj _hrkl Ncfd, cfl

    clebfbstrctbvj nurljf h` ihepcfbjs ncsjl hf tmj

    HJIL rjiheejflctbhfs, cfl (bb) jstcnkbsm c

    iheebttjj `hr tmj bftjr -ebfbstjrbck prjpcrctbhf h`

    kjobskctbhf. \jimfbick cssbstcfij h` tmj _hrkl Ncfd

    wbkk nj shuomt th bepkjejft tmj jcsbfo h` kbijfsbfo

    rjqubrjejfts

    (b) rjluij rjl tcpj, bfikulbfo hf mhrbzhftck

    kbijfsbfo rjqubrjejfts h` bfvjstejfts cfl hf

    khw-rbsd citbvbtbjs , cfl clebfbstrctbvj nurljf

    h` ihepcfbjs ncsjl hf tmj HJIL

    rjiheejflctbhfs, cfl (bb) jstcnkbsm c

    iheebttjj `hr tmj bftjrebfbstjrbck prjpcrctbhf

    h` kjobskctbhf.

    rjluij rjl tcpj, bfikulbfo hf mhrbzhftck kbijfsbfo

    rjqubrjejfts h` bfvjstejfts cfl hf khw-rbsd citbvbtbjs cs

    rjiheejfljl ny tmj _hrkl Ncfd, cfl clebfbstrctbvj

    nurljf h` ihepcfbjs ncsjl hf tmj HJIL

    rjiheejflctbhfs, cfl (bb) jstcnkbsm c iheebttjj `hr tmj

    bftjr-ebfbstjrbck prjpcrctbhf h` kjobskctbhf. \jimfbick

    cssbstcfij h` tmj _hrkl Ncfd wbkk nj shuomt th bepkjejft

    tmj jcsbfo h` kbijfsbfo rjqubrjejfts.

    ljsbof jkjitrhfbi hfj-sthp smhps `hr nusbfjssjs tmrhuomcfckysbfo bf`hrectbhf hnkboctbhfs nusbfjssjs mcvj th

    ihepky wbtm, struiturbfo tmje ciihrlbfoky cfl mjkpbfo th

    ljsbof c prhajit hf ljvjkhpbfo tmj fjijsscry BI\ thhks cfl

    bf`rcstruiturj (S9 >73:). Yjttbfo up tmj bfstbtutbhfck & ih-

    hrlbfctbhf struiturj, bljftb`bictbhf h` tmj nusbfjss kb`j

    jvjfts th nj bfikuljl, bljftb`bictbhf cfl ecppbfo h`

    bf`hrectbhf hnkboctbhfs & clebfbstrctbvj prhijlurjs cfl

    trcbfbfo h` h``bibcks (S< >73:). Kcufim (S3 >730)

    37 , >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    19/20

    clhpt tmj rj`hre h` tmj ocs ecrdjt cfl bts

    spjib`bi rhclecp, cfl bepkjejftctbhf smhukl

    `hkkhw subt.

    clhpt tmj rj`hre h` tmj ocs ecrdjt cfl bts

    spjib`bi rhclecp, cfl bepkjejftctbhf smhukl

    `hkkhw subt.

    clhpt tmj rj`hre h` tmj ocs ecrdjt cfl bts spjib`bi

    rhclecp, cfl bepkjejftctbhf smhukl `hkkhw subt.

    tcdj brrjvjrsbnkj stjps (bfikulbfo cffhufijejft h`

    lctj `hr sunebssbhf h` nbflbfo h``jrs) th prbvctbzj

    tmj jkjitrbibty trcfsebssbhf ihepcfy, CLEBJ

    tcdj brrjvjrsbnkj stjps (bfikulbfo cffhufijejft h` lctj

    `hr sunebssbhf h` nbflbfo h``jrs) th prbvctbzj tmj jkjitrbibty

    trcfsebssbhf ihepcfy, CLEBJ, hr prhvblj ny Hithnjr

    >73: cf cktjrfctbvj simjej, wbtm jqubvckjft rjsukts bf

    tjres h` ihepjtbtbhf, bf kbfj wbtm tmj njst Jurhpjcf

    prcitbijs th prhvblj `ukk hwfjrsmbp ufnuflkbfo `rhe WWI,

    wmbkj jfsurbfo bfljpjfljfij.

    Hf jkjitrbibty ecrdjts, tmj cutmhrbtbjs wbkk rj`hre

    tmj icpcibty pcyejfts systje cfl htmjr jkjitrbibty

    ecrdjt rukjs th cvhbl tmct shej pkcfts crj hrijl

    th hpjrctj njkhw tmjbr vcrbcnkj ihst, cfl th

    prjvjft tmj fjttbfo h` tmj crrjcrs njtwjjf WWI

    cfl ecrdjt hpjrcthr4 sjt WWI tcrb``s ncsjl hf ihsts,

    bfikulbfo rjpkcijejft h` tmj >7% lbsihuft `hr MP

    usjrs wbtm ihst ncsjl tcrb``s4 cfl fhtb`y FHEJ

    prhluits th tmj Jurhpjcf Iheebssbhf. \mj

    cutmhrbtbjs wbkk cksh ihftbfuj tmj bepkjejftctbhf h`

    tmj rhclecp th tmj JZ tcrojt ehljkprjpcrj c fjw

    `rcejwhrd `hr tmj supphrt h` rjfjwcnkj jfjrobjscfl `hr tmj bepkjejftctbhf h` jfjroy j``bibjfiy

    cfl rjvbjw jfjroy tcxctbhf4

    Hf jkjitrbibty ecrdjts, tmj cutmhrbtbjs wbkk

    rj`hre tmj icpcibty pcyejfts systje cfl

    htmjr jkjitrbibty ecrdjt rukjs th cvhbl tmct

    shej pkcfts crj `hrijl th hpjrctj njkhw tmjbr

    vcrbcnkj ihst, cfl th prjvjft tmj fjttbfo h` tmj

    crrjcrs njtwjjf WWI cfl ecrdjt hpjrcthr4 sjt

    WWI tcrb``s ncsjl hf ihsts, bfikulbfo

    rjpkcijejft h` tmj >7% lbsihuft `hr MP usjrs

    wbtm ihst ncsjl tcrb``s4 cfl fhtb`y FHEJ

    prhluits th tmj Jurhpjcf Iheebssbhf. \mj

    cutmhrbtbjs wbkk cksh ihftbfuj tmj

    bepkjejftctbhf h` tmj rhclecp th tmj JZtcrojt ehljk prjpcrj c fjw `rcejwhrd `hr tmj

    supphrt h` rjfjwcnkj jfjrobjs cfl `hr tmj

    bepkjejftctbhf h` jfjroy j``bibjfiy cfl

    rjvbjw jfjroy tcxctbhf4

    Hf jkjitrbibty ecrdjts, tmj cutmhrbtbjs wbkk rj`hre tmj

    icpcibty pcyejfts systje cfl htmjr jkjitrbibty ecrdjt

    rukjs th cvhbl tmct shej pkcfts crj `hrijl th hpjrctj

    njkhw tmjbr vcrbcnkj ihst, cfl th prjvjft tmj fjttbfo h`

    tmj crrjcrs njtwjjf WWI cfl ecrdjt hpjrcthr4 sjt WWI

    tcrb``s ncsjl hf ihsts, bfikulbfo rjpkcijejft h` tmj >7%

    lbsihuft `hr MP usjrs wbtm ihst ncsjl tcrb``s4 cfl fhtb`y

    FHEJ prhluits th tmj Jurhpjcf Iheebssbhf. \mj

    cutmhrbtbjs wbkk cksh ihftbfuj tmj bepkjejftctbhf h` tmj

    rhclecp th tmj JZ tcrojt ehljk prjpcrj c fjw

    `rcejwhrd `hr tmj supphrt h` rjfjwcnkj jfjrobjs cfl `hr

    tmj bepkjejftctbhf h` jfjroy j``bibjfiy cfl rjvbjwjfjroy tcxctbhf4

    strjfotmjf tmj jkjitrbibty rjoukcthrs `bfcfibck cfl

    hpjrctbhfck bfljpjfljfij4

    strjfotmjf tmj jkjitrbibty rjoukcthrs `bfcfibck

    cfl hpjrctbhfck bfljpjfljfij4

    tmj cutmhrbtbjs wbkk strjfotmjf tmj jkjitrbibty rjoukcthrs

    `bfcfibck cfl hpjrctbhfck bfljpjfljfij4

    \mj Ohvjrfejft wbkk bftrhluij kjobskctbhf `hr tmj

    rctb`bictbhf h` Lbrjitbvj >?/>73> hf jfjroy

    j``bibjfiy.

    37 , >73:

  • 7/21/2019 ESM, Eurogroup 25/6/2015

    20/20

    37. Wrbvctbzctbhf 37. Wrbvctbzctbhf 37. Wrbvctbzctbhf

    \mj Nhcrl h` Lbrjithrs h` tmj Mjkkjfbi ^jpunkbi

    Cssjt Ljvjkhpejft @ufl wbkk cpprhvj bts Cssjt

    Ljvjkhpejft Wkcf wmbim wbkk bfikulj `hr

    prbvctbsctbhf ckk tmj cssjts ufljr M^LC@ cs h`

    93/3>/>73/>73/>7373:, cfl `hr \^CBFHYJ

    ^HYIH, wbtm fh ectjrbck imcfojs bf tmj tjres h`

    tmj tjfljrs.

    \mj ohvjrfejft cfl M^CL@ wbkk cffhufij

    nbflbfo nbl lctjs `hr Wbrcjus cfl \mjssckhfbdb

    phrts h` fh kctjr tmcf jflHithnjr >73:, cfl

    `hr \^CBFHYJ ^HYIH.

    \mj ohvjrfejft cfl M^CL@ wbkk cffhufij nbflbfo nbl

    lctjs `hr Wbrcjus cfl \mjssckhfbdb phrts h` fh kctjr tmcf

    jfl-Hithnjr >73:, cfl `hr \^CBFHYJ ^HYIH, wbtm fh

    ectjrbck imcfojs bf tmj tjres h` tmj tjfljrs.

    \mj ohvjrfejft wbkk trcfs`jr tmj stctj's smcrjs bf

    H\J th tmj M^CL@.

    \mj ohvjrfejft wbkk trcfs`jr tmj stctj's smcrjs bf H\J th

    tmj M^CL@

    \cdj brrjvjrsbnkj stjps hr tmj sckj h` tmj rjobhfck

    cbrphrts ct tmj iurrjft tjres wbtm tmj wbffbfo

    nblljr ckrjcly sjkjitjl.

    \cdj brrjvjrsbnkj stjps `hr tmj sckj h` tmj rjobhfck cbrphrts

    ct tmj iurrjft tjres wbtm tmj wbffbfo nblljr ckrjcly

    sjkjitjl.