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European Union/Greece

Published on July 2, 2015
Communiqué issued following the Council of Ministers’ meeting
Paris, July 1, 2015

The Minister of Foreign Affairs and International Development and the Minister of Finance and Public Accounts made a statement on the financial situation in Greece.

Over the past five months, France has championed a double imperative: respect for democratic change, but also respect for European rules.

Discussions were conducted to reach an agreement, which France wanted to be comprehensive and lasting. This required five points to be covered:

- a reasonable fiscal trajectory, allowing for improvements to be made in the organization of public accounts;

- balanced reforms to meet the fiscal targets and carry out deep reforms to the Greek economy;

- the financing necessary to give the Greek state and economy room for manoeuvre in the next few months and beyond;

- availability of resources through the European instruments to promote growth by boosting investment;

- finally, the prospect of discussions with the European partners about the treatment and sustainability of the Greek debt.

This agreement was under discussion when the Greek authorities unilaterally decided to break off the process under way and call a referendum.

France respects the Greek government’s decision.

However, it is taking initiatives so that an agreement can still be reached. Intensive contacts with all those involved in these negotiations are under way to arrive at a solution which addresses the principles above.

Even though the Euro Area is now more solid than it was a few years ago, thanks to the mechanisms it has created for itself, giving Greece a clear prospect of a future in the Euro Area is a necessity for Greece and also for continuing to move the European project forward./.

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