ESM Chairman Refers Greek Aid Request to ECB, European Commission
Thursday, 09 July 2015
Eurogroup President Jeroen Dijsselbloem on Wednesday referred Greece's official request for financial assistance from the European Stability Mechanism (ESM) to the European Central Bank (ECB) and the European Commission.
In a letter addressed to European Commissioner for Economic and Monetary Affairs Pierre Moscovici and ECB President Mario Draghi, Dijsselbloem informs them of Greece's request for "stability support in the form of a loan" and asks them to assess the request under ESM rules.
Dijsselbloem asks them to undertake to:
a) assess the existence of a risk to the financial stability of the euro area as a whole or to its member-states,
b) to assess, together with the International Monetary Fund (IMF), whether Greece's public debt is sustainable,
c) to assess Greece's actual or potential financing needs.
He ends the letter by saying that their assessments, along with the proposal of the ESM Managing Director, will form the basis of the decision that will be taken by the ESM Board of Governors, where Dijsselbloem serves as Chairperson.