FRANKFURT (MNI) – Eurogroup President Jean-Claude Juncker welcomed
both “significant progress” achieved head of the second Greek adjustment
program and the positive assessment given to the country by the troika.

The following is the verbatim statement issued by the president of
the Eurogroup:

I welcome the significant progress achieved in the preparation of
the second Greek adjustment programme. I particularly welcome the
detailed assessment of the Troika that Greece has implemented all agreed
prior actions in a satisfactory manner.

The Eurogroup urges the Greek authorities to continue demonstrating
strong commitment and to keep up the implementation momentum by
rigorously pursuing the adjustment effort, strictly in line with the new
programme. The Eurogroup reiterates the importance of a further
strengthening of Greece’s institutional capacity.

The Eurogroup was encouraged by the high private sector
participation in Greece’s debt exchange offer, which will make a
significant contribution to improve Greece’s debt sustainability. In
this context, the Eurogroup was informed that Greece will activate the
Collective Action Clauses applicable to bonds governed by Greek law.

The Eurogroup takes note of the decision by Greece to extend the
offer period for bonds governed by foreign law and eligible for the
exchange until 23 March. The Eurogroup would expect the participation
rate to increase even further over this period, as it is confident that
the terms described in the Greek authorities’ invitation to bondholders
include unique elements provided by the official sector, which make the
bond exchange attractive against the backdrop of possible alternatives.

Against this background, the disbursement of the euro area’s
contribution to the PSI operation in the form of EFSF bonds for the
settlement of the Greek-law bonds as well as the accrued interest on the
exchanged bonds can proceed as planned.

The Eurogroup considers that the necessary conditions are in place
to launch the relevant national procedures required for the final
approval of the euro area’s contribution to the financing of the second
Greek adjustment programme.

The Eurogroup looks forward to a significant contribution by the
IMF to the financing of the new Greek programme.

[TOPICS: M$$CR$,M$X$$$,M$$EC$,MT$$$$,M$Y$$$]