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

1/20

- 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

2/20

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

3/20

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

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.

Kcufim tmj Yhibck _jk`crj ^jvbjw ufljr tmj corjjl

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

tmj _hrkl Ncfd th tcrojt scvbfos h` pjrijft h`

OLW wmbim icf mjkp `bfcfij c `bsickky fjutrck orcluck

rhkk-hut h` tmj OEB bf Acfucry >730

,

.

7,:% ,

rhkk-hut >730.

Kcufim tmj Yhibck _jk`crj ^jvbjw ufljr tmj

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.

Kcufim tmj Yhibck _jk`crj ^jvbjw ufljr tmj corjjl tjres

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

Ncfd th tcrojt scvbfos h` pjrijft h` OLW wmbim icf mjkp

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

Acfucry >730.

Kcufim tmj Yhibck _jk`crj ^jvbjw ufljr tmj corjjl tjres

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

Ncfd th tcrojt scvbfos h` pjrijft h` OLW wmbim icf mjkp

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

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:

rjluitbhf bf tmj jxpjflbturj ijbkbfo `hr ebkbtcry

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,

`crejrs cfl

tmj sjk`- jepkhyjl, jti.4

, ,

, ,

, , .

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

ckbc ihvjrbfo icpbtck tcxctbhfU, bfvjstejft

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

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

ihvjrbfo icpbtck tcxctbhfU, bfvjstejft vjmbikjs, `crejrs

cfl tmj sjk`- jepkhyjl, jti.4

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

>0% >=%.

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

fc fc bftrhluij hfj h`` ihrphrctj tcx h` 3>% hf

ihrphrctj prh`bts hvjr 7.: ebkkbhf th ejjt tmj

`bsick tcrojt `hr >73:4 bftrhluij tcx hf

tjkjvbsbhf clvjrtbsjejfts4

fc

bftrhluij tcx hf tjkjvbsbhf clvjrtbsjejfts4 bftrhluij tcx hf tjkjvbsbhf clvjrtbsjejfts4 bftrhluij tcx hf tjkjvbsbhf clvjrtbsjejfts4

cffhufij bftjrfctbhfck punkbi tjfljr `hr tmj

ciqubsbtbhf h` tjkjvbsbhf kbijfsjs cfl uscoj rjkctjl

`jjs h` rjkjvcft `rjqujfibjs4

cffhufij bftjrfctbhfck punkbi tjfljr `hr tmj

ciqubsbtbhf h` tjkjvbsbhf kbijfsjs cfl uscoj

rjkctjl `jjs h` rjkjvcft `rjqujfibjs4 cfl

cqffhufij bftjrfctbhfck punkbi tjfljr `hr tmj ciqubsbtbhf

h` tjkjvbsbhf kbijfsjs cfl uscoj rjkctjl `jjs h` rjkjvcft

`rjqujfibjs4 cfl

jxtjfl bepkjejftctbhf h` kuxury tcx hf rjirjctbhfck

vjssjks bf jxijss h` 37 ejtjrs cfl bfirjcsj tmj rctj

`rhe 37% th 39%, ihebfo bfth j``jit `rhe tmj

ihkkjitbhf h` >73< bfihej tcxjs cfl njyhfl4

37

39% 37%,

>7373< bfihej

tcxjs cfl njyhfl4

jxtjfl bepkjejftctbhf h` kuxury tcx hf rjirjctbhfck

vjssjks bf jxijss h` : ejtjrs cfl bfirjcsj tmj rctj `rhe

37% th 39%, ihebfo bfth j``jit `rhe tmj ihkkjitbhf h`

>73< bfihej tcxjs cfl njyhfl4

bepkjejft tcxctbhf hf Orhss Ocebfo ^jvjfujs

(OO^) h` 97% hf PK\ ocejs, jxpjitjl th nj

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

,

97% PK\s,

'

>73: >730.

jxtjfl Orhss Ocebfo ^jvjfujs (OO^) tcxctbhf

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

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

jxtjfl bepkjejftctbhf h` kuxury tcx hf rjirjctbhfck

vjssjks bf jxijss h` : ejtjrs cfl bfirjcsj tmj rctj `rhe

37% th 39%, ihebfo bfth j``jit `rhe tmj ihkkjitbhf h`

>73< bfihej tcxjs cfl njyhfl4

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>,

\mj Cutmhrbtbjs rjihofbsj tmct tmj pjfsbhf systje bs

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`

orcfl`ctmjrbfo th stctuthry rjtbrjejft coj cfl

jcrky rjtbrjejft pctmwcys prhorjssbvjky clcptbfo th

tmj kbebt h` stctuthry rjtbrjejft coj h` 0? yjcrs,hr

0> cfl 7>>,

cppkbicnkj `hr ckk tmhsj rjtbrbfo (jxijpt crluhus

prh`jssbhfs, cfl ehtmjrs wbtm imbklrjf wbtm

lbscnbkbty)c`tjr Aufj 97, >73:4

,

0?

0> 7>>,

(

) 97

>73: .

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

pjfcktbjs, cfl tmrhuom c orcluck jkbebfctbhf h`

orcfl`ctmjrbfo th stctuthry rjtbrjejft coj cfl

jcrky rjtbrjejft pctmwcys prhorjssbvjky

clcptbfo th tmj kbebt h` stctuthry rjtbrjejft

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

rjtbrbfo (jxijpt crluhus prh`jssbhfs, cfl

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

c orcluck jkbebfctbhf h` orcfl`ctmjrbfo th stctuthry

rjtbrjejft coj cfl jcrky rjtbrjejft pctmwcys

prhorjssbvjky clcptbfo th tmj kbebt h` stctuthry rjtbrjejft

coj h` 0? yjcrs, hr 0> cfl 7>>, cppkbicnkj `hr ckk tmhsj rjtbrbfo (jxijpt crluhus

prh`jssbhfs, cfl ehtmjrs wbtm imbklrjf wbtm lbscnbkbty)

wbtmbeejlbctj cppkbictbhf4

Clhpt kjobskctbhf sh tmct wbtmlrcwcks `rhe tmjYhibck Bfsurcfij @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

,

30%.

Clhpt kjobskctbhf sh tmct wbtmlrcwcks `rhe tmjYhibck Bfsurcfij @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

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

hwf ihftrbnutbhfs4

3

>73:

( ).

Bftjorctj bfth J\JC ckk suppkjejftcry pjfsbhfs

`ufls4

bftjorctj bfth J\JC ckk suppkjejftcry pjfsbhf `ufls cfl

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

Orcluckky pmcsj hut tmj shkblcrbty orcft (JDCY) `hr ckk

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

:. , ,

:. Wunkbi Clebfbstrctbhf, Austbij cfl Cftb

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``.

,

3 >730,

,

,

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

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 spjitruebf ihffjitbhf wbtm tmj sdbkk, pjr`hrecfij

cfl rjsphfsbnbkbty h` stc``. (4

kjobskctbhf th rctbhfckbsj tmj spjibckbsjl wcoj or bls,

wbkk nj clhptjl ny jfl-Fhvjenjr >73:

>73:

bepkjejft tmj fjw ufb`bjl wcoj orbl wbtm c

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.

ckbof fhf-wcoj njfj`bts suim cs kjcvj

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

lbjes, trcvjk ckkhwcfijs cfl pjrds, wbtm njst prcitbijs bf

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

rj`hre tmj Ibvbk Wrhijlurj Ihlj, bf kbfj wbtm prjvbhus

corjjejfts4 bftrhluij ejcsurjs th rjluij tmj ncidkho h`

icsjs bf clebfbstrctbvj ihurts4 whrd ikhsjky wbtm Jurhpjcf

bfstbtutbhfs cfl tjimfbick cssbstcfij hf j-austbij,

ejlbctbhf cfl aulbibck stctbstbis

mbrj ecfcojrs cfl cssjss pjr`hrecfij h` ckk

jepkhyjjs (wbtm tmj cbe th ihepkjtj tmj mbrbfo h`

fjw ecfcojrs ny 93 Ljijenjr >73: sunsjqujft th

c rjvbjw prhijss).

(

93 >73:,

mbrj ecfcojrs cfl cssjss pjr`hrecfij h` ckk

jepkhyjjs (wbtm tmj cbe th ihepkjtj tmj

mbrbfo h` fjw ecfcojrs ny 93 Ljijenjr >73:

sunsjqujft th c rjvbjw prhijss).

mbrj ecfcojrs cfl cssjss pjr`hrecfij h` ckk jepkhyjjs

(wbtm tmj cbe th ihepkjtj tmj mbrbfo h` fjw ecfcojrs ny

93 Ljijenjr >73: sunsjqujft th c rjvbjw prhijss)

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

wcoj nbkk cfl tmj kjvjk h` punkbi jepkhyejft

ihfsbstjft wbtm cimbjvbfo tmj ` bsick tcrojts cfl

jfsurbfo c ljikbfbfo pctm h` tmj wcoj nbkk rjkctbvj

th OLW uftbk >7324

>732.

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

wcoj nbkk cfl tmj kjvjk h` punkbi jepkhyejft

ihfsbstjft wbtm cimbjvbfo tmj `bsick tcrojts cfl

jfsurbfo c fhf-bfirjcsbfo pctm h` tmj wcoj nbkk

rjkctbvj th OLW uftbk >7324

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

cfl tmj kjvjk h` punkbi jepkhyejft ihfsbstjft wbtm

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

\cdj tmj `hkkhwbfo citbhfs th1 1 \cdj tmj `hkkhwbfo citbhfs th1 \cdj tmj `hkkhwbfo citbhfs th1

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

prjlbitcnbkbty cfl `kjxbnbkbty4 (vb) rjphrtbfo th tmj

ohvjrfejft cfl pcrkbcejft4 cfl (vbb) tmj

beejlbctj trcfs`jr h` ckk tcx-rjkctjl icpcibty cfl

stc`` bf htmjr jftbtbjs (bfikulbfo YLHJ) th tmj

cojfiy.

b) , ,

, bb)

, bbb)

, bv)

v)

,

, vb)

vbb)

( )

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 cojfiysmuecf rjshurij `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 prjlbitcnbkbty cfl `kjxbnbkbty4

(vb) rjphrtbfo th tmj ohvjrfejft cfl

pcrkbcejft4 cfl (vbb) tmj beejlbctj trcfs`jr h`

ckk tcx-rjkctjl icpcibty cfl stc`` bf htmjr

jftbtbjs (bfikulbfo tmj tcxrjkctjl lutbjs h`

YLHJ) th tmj cojfiy

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 muecf

rjshurij `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 prjlbitcnbkbty cfl `kjxbnbkbty4 (vb)

rjphrtbfo th tmj ohvjrfejft cfl pcrkbcejft4 cfl (vbb) tmj

beejlbctj trcfs`jr h` ckk tcx- cfl iusthes-rjkctjl

icpcibtbjs cfl lutbjs cfl ckk tcx- cfl iusthes-rjkctjl stc``

bf YLHJ cfl htmjr jftbtbjs th tmj cojfiy.

hf ocrfbsmejfts, clhpt kjobskctbhf th jkbebfctj tmj

>: pjrijft ijbkbfo hf wcojs cfl pjfsbhfs cfl

khwjr ckk tmrjsmhkls h` 3,:77 wmbkj jfsurbfo

rjcshfcnkj kbvbfo ihflbtbhfs4 ciijkjrctj

prhiurjejft h` B\ bf`rcstruiturj th cuthectbzj j-

ocrfbsmejft4 beprhvj tcx ljnt wrbtj-h`` rukjsTth nj

spjib`bjlU4 rjehvj tcx h``bijrs pjrshfck kbcnbkbtbjs

`hr fht pursubfo hkl ljnt4rjehvj rjstrbitbhfs hfihfluitbfo 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

lbsputjs.

,

>:%

3.:77

. F

,

( ),

>73>

,

,

.

hf ocrfbsmejfts, clhpt kjobskctbhf th

bfirjcsjtmj >: pjrijft ijbkbfo hf wcojs cfl

pjfsbhfs wmbkj jfsurbfo rjcshfcnkj kbvbfo

ihflbtbhfs4 ciijkjrctj prhiurjejft h` B\

bf`rcstruiturj th cuthectbzj j-ocrfbsmejft4

beprhvj tcx ljnt wrbtj-h`` rukjs Tth nj

spjib`bjlU4 rjehvj tcx h``bijrs pjrshfck

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

lbsputjs.

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\

bf`rcstruiturj th cuthectbzj j-ocrfbsmejft4 beprhvj tcx

ljnt wrbtj-h`` rukjs4 rjehvj tcx h``bijrs pjrshfck

kbcnbkbtbjs `hr fht pursubfo hkl ljnt4 rjehvj rjstrbitbhfs hf

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

ncfd oucrcftjj rjqubrjejfts.

b) >7373:,

3 . . bb)

'

>73?

cejfl (b) tmj >7373: tmj

kcroj ljnthrs wbtm tcx cfl YYI ljnt jxijjlbfo

3 ebkkbhf Tth nj spjib`bjl j.o. vjrb`y tmjbr

icpcibty th pcy cfl tcdj ihrrjitbvj citbhfsU4cfl (bb) tmj ncsbi bfstckejft simjej/\WI th

claust tmj ecrdjt-ncsjl bftjrjst rctjs cfl

suspjfl uftbk jfl->73? tmbrl-pcrty vjrb`bictbhf

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

PC\ rjvjfujs cfl ciijkjrctj prhiurjejft h`

fjtwhrd cfckysbs sh`twcrj4 cfl prhvblj tmj

Wrjsbljftbck Ljirjj fjjljl hr tmj sbofb`bicftky

strjfotmjfbfo tmj rjhrocfbsctbhf h` tmj PC\

jf`hrijejft sjitbhf bf hrljr th strjfotmjf PC\

jf`hrijejft cfl i henct PC\ icrhusjk `rcul. \mj

cutmhrbtbjs wbkk sunebt cf cppkbictbhf th tmj JZ PC\

Iheebttjj cfl prjpcrj cf cssjssejft h` tmj

bepkbictbhf h` cf bfirjcsj bf tmj PC\ tmrjsmhkl th

>:.777.

.

.

.. (JZ PC\ Iheebtjj)

>:.777 .

lhpt kjobskctbhf th ciijkjrctj lj-rjobstrctbhf

prhijlurjs cfl kbebt PC\ rj-rjobstrctbhf th

prhtjit PC\ rjvjfujs cfl ciijkjrctj

prhiurjejft h` fjtwhrd cfckysbs sh`twcrj4

cfl prhvblj tmj Wrjsbljftbck Ljirjj fjjljl

`hr tmj sbofb`bicftky strjfotmjfbfo tmj

rjhrocfbsctbhf h` tmj PC\ jf`hrijejft sjitbhf

bf hrljr th strjfotmjf PC\ jf`hrijejft cfl

ihenct PC\ icrhusjk `rcul. \mj cutmhrbtbjs

wbkk sunebt cf cppkbictbhf th tmj JZ PC\

Iheebttjj cfl prjpcrj cf cssjssejft h` tmj

bepkbictbhf h` cf bfirjcsj bf tmj PC\ tmrjsmhkl

th >:.777

clhpt kjobskctbhf th ciijkjrctj lj-rjobstrctbhf prhijlurjs

cfl kbebt PC\ rj-rjobstrctbhf th prhtjit PC\ rjvjfujs cfl

ciijkjrctj prhiurjejft h` fjtwhrd cfckysbs sh`twcrj4 cfl

prhvblj tmj Wrjsbljftbck Ljirjj fjjljl `hr tmj

sbofb`bicftky strjfotmjfbfo tmj rjhrocfbsctbhf h` tmj PC\

jf`hrijejft sjitbhf bf hrljr th strjfotmjf PC\

jf`hrijejft cfl ihenct PC\ icrhusjk `rcul. \mj

cutmhrbtbjs wbkk sunebt cf cppkbictbhf th tmj JZ PC\

Iheebttjj cfl prjpcrj cf cssjssejft h` tmj bepkbictbhf

h` cf bfirjcsj bf tmj PC\ tmrjsmhkl th >:.777.

ihenct `ujk seuookbfo, vbc kjobskctbvj ejcsurjs `hr

khictbfo sthrcoj tcfds (`bxjl hr ehnbkj)4

,

( ,

.

ihenct `ujk seuookbfo, vbc kjobskctbvj

ejcsurjs `hr khictbfo sthrcoj tcfds (`bxjl hr

ehnbkj)4

ihenct `ujk seuookbfo, vbc kjobskctbvj ejcsurjs `hr

khictbfo sthrcoj tcfds (`bxjl hr ehnbkj)4

37 >73:

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

15/20

37 , >73:

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

th tcx jvcsbhf cfl ufljikcrjl ljphsbts, ny imjidbfo

ncfd trcfscitbhfs bf ncfdbfo bfstbtutbhfs bf Orjjij

hr cnrhcl, wbtm c vbjw th rjihvjr ufpcbl tcxjs4

.

,

.

prhluij c pkcf wmjrjny tmj YOW^ bftjfsb`bjs

`bomt th tcx jvcsbhf cfl ufljikcrjl ljphsbts,

ny imjidbfo ncfd trcfscitbhfs bf ncfdbfo

bfstbtutbhfs bf Orjjij hr cnrhcl, wbtm c vbjw th

rjihvjr ufpcbl tcxjs4

Wrhluij c iheprjmjfsbvj pkcf wbtm tjimfbick cssbstcfij

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

h` ufljikcrjl ljphsbts ny imjidbfo ncfd trcfscitbhfs bf

ncfdbfo bfstbtutbhfs bf Orjjij hr cnrhcl, (bb) bftrhluitbhf

h` c vhkuftcry lbsikhsurj prhorce wbtm cpprhprbctj

scfitbhfs, bfijftbvjs cfl vjrb`bictbhf prhijlurjs,

ihfsbstjft wbtm bftjrfctbhfck njst prcitbij, cfl wbtmhut

cfy cefjsty prhvbsbhfs (bbb) rjqujst `rhe JZ ejenjr

stctjs th prhvblj lctc hf cssjt hwfjrsmbp cfl ciqubsbtbhf

ny Orjjd ibtbzjfs, (bv) rjfjw tmj rjqujst `hr tjimfbickcssbstcfij bf tcx clebfbstrctbhf cfl ecdj `ukk usj h` tmj

rjshurij bf icpcibty nubklbfo, (v) jstcnkbsm c wjcktm

rjobstry th beprhvj ehfbthrbfo

ljvjkhp c ihstjl pkcf `hr tmj prhehtbhf h` tmj

usj h` jkjitrhfbi pcyejfts, ecdbfo usj h` tmj JZ

Ytruiturck cfl Bfvjstejft @ufl4

C

,

..

ljvjkhp c ihstjl pkcf `hr tmj prhehtbhf h` tmj

usj h` jkjitrhfbi pcyejfts, ecdbfo usj h` tmj

JZ Ytruiturck cfl Bfvjstejft @ufl4

ljvjkhp c ihstjl pkcf `hr tmj prhehtbhf h` tmj usj h`

jkjitrhfbi pcyejfts, ecdbfo usj h` tmj JZ Ytruiturck cfl

Bfvjstejft @ufl4

Irjctj c tbej sjrbjs lctcncsj th ehfbthr tmj

nckcfij smjjts h` pcrjft-sunsbslbcry ihepcfbjs th

beprhvj rbsd cfckysbs irbtjrbc `hr trcfs`jr prbibfo

37 , >73:

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

16/20

7 , 7 :

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

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 beprhvjbeejlbctjky 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` rjturfbfo tmj

ncfds bf prbvctj hwfjrsmbp ny cttrcitbfo

bftjrfctbhfck strctjobi bfvjsthrs cfl th cimbjvj csustcbfcnkj `uflbfo ehljk hvjr tmj ejlbue tjre4

cfl (vb) c mhkbstbi FWK rjshkutbhf strctjoy, prjpcrjl

wbtm tmj mjkp h` c strctjobi ihfsuktcft.

b)

.

bb)

' ,

,

. bbb)

bv)

,

v) 1

>739

,

vb)

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 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:

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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:

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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.