As a consequence of the difficult financial situation of Greece and the resulting volatility in the financial markets, the Heads of State and Government of the euro countries declared in March 2010 their fundamental willingness to support Greece with their own bilateral loans, in addition to financing by the International Monetary Fund (IMF). The EU Commission subsequently negotiated, with the participation of the European Central Bank (ECB), the details and conditions of an aid package with the IMF and Greece. Greece was intended to be supported only if support should actually prove necessary. The states participating in the aid package were to decide about the payments then. On 23 April 2010, Greece applied for financial aid of the states of the euro group and the IMF. On 2 May 2010, the states of the euro group decided to make available, in connection with a three-year IMF programme with estimated total financing requirements of 110 billion euros, up to 80 billion euros as financial aid to Greece in the shape of coordinated bilateral loans; up to 30 billion euros of the aid were to be provided in the first year. The euro group’s financial aid is intended to be provided in the context of a strict conditionality, which was negotiated with Greece by the IMF and the European Commission, involving the ECB. To take the measures required on the national level, the German Bundestag adopted on 7 May 2010 a law on the giving of guarantees to maintain the Hellenic Republic’s ability to pay which is required for financial stability in the monetary union. This law authorised the Federal Government to give guarantees to provide security for loans up to a total amount of 22.4 billion euros for loans to the Hellenic Republic. The law shall enter into force on the day after its promulgation. Germany’s share of the aid measures is to be extended by the Reconstruction Loan Corporation (
Kreditanstalt für Wiederaufbau – KfW).
Jetzt die ganze Nachricht auf Ju! raPortal 24.de lesen: Temporary injunction to prevent giving of guarantee for loans to Greece is not issued
Quelle: Pressemitteilung des Bundesgerichtshofs vom 07.05.2010
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