OREANDA-NEWS. August 17, 2015. New loans of up to 86 bn EUR will be made available over the next three years to Greece by the European Stability Mechanism (ESM) - Europe's firewall established in 2012 in response to the global financial crisis. Following weeks of intense negotiations in Athens and Brussels, this is the result of the agreement given today by the Ministers of Finance of the Eurozone to corresponding proposals submitted by the European Commission yesterday.

President Jean-Claude Juncker said: "The past six months have been difficult. They have tested the patience of policy-makers and they have tested the patience of our citizens even more. Together, we have looked into the abyss. But today, I am glad to say that all sides have respected their commitments. Greece is living up to its ambitious reform commitments agreed on 13 July. And the other Eurozone countries are delivering on their promise of continued solidarity made on the same day. The message of today's Eurogroup is loud and clear: on this basis, Greece is and will irreversibly remain a member of the Euro area. And the European Commission will support Greece in developing a new and fair growth, jobs and investment perspective for its citizens."

Valdis Dombrovskis, the Commission's Vice-President for the Euro and Social Dialogue, who introduced the result of the Commission's negotiations with Greece to the Eurogroup today, said: "Today's agreement will lift the uncertainty that has hung over the country and the euro area for too long. With full ownership, commitment and implementation, this deal will create new jobs and restore economic growth. We are ready to support Greece with all our instruments – from technical assistance to financial support."

On 17 July, the Eurogroup asked the Institutions to agree on a Memorandum of Understanding detailing the conditionality for a financial assistance facility covering the period 2015-18 in accordance with Article 13 of the ESM Treaty. The work was carried out by the European Commission, in liaison with the European Central Bank, and in cooperation with the International Monetary Fund and the European Stability Mechanism. Implementation of the programme will be monitored by the Commission, in liaison with the ECB and together with the IMF, as foreseen in Article 13 of the ESM Treaty.