Confidential Task Force Report: Credit line in return for reforms

What are the terms and conditions listed in the confidential document of the Task Force for Greece?

German newspaper Handelsblatt had exclusive coverage of the Task Force’s confidential report for Greece. The report states that the goal is to give Greece a “future credit line with sustained terms”, the ECCL (Enhanced Conditions Credit Line).

Deutsche Welle reports that the document of the Task Force for Greece does not give details about the structure of the collaboration, however government circles believe that the agreement will not be so detailed for as long as there is a second aid program that foresees hundreds of measures and dozens of terms are still being discussed.

European partners are likely to give the Greek government incentives to continue with reforms. The confidential document says that stimulus will include the transfer of profits from central banks from Greek bonds.

At the start of the crisis, the European Central Bank (ECB) had bought huge numbers of bonds from South European countries, bought at low prices, which offer profits once they accrue. In the framework of the second support program, it has been agreed that the profits will be transferred to Athens.