Erwägungsgrund 5 32015D1410

Council Decision (EU) 2015/1410 of 19 August 2015 giving notice to Greece to take measures for the deficit reduction judged necessary to remedy the situation of excessive deficit

The very severe deterioration of the financial situation of Greece has led euro area Member States to decide to provide it stability support, with a view to safeguarding the financial stability of the euro area as a whole, in conjunction with multilateral assistance provided by the International Monetary Fund. From May 2010 to June 2015, support provided by the euro area Member States took the form of both a bilateral Greek Loan Facility and a loan from the European Financial Stability Facility („EFSF“). The lenders' support was accompanied by extensive policy conditionality, including the respect by Greece of Council Decision 2011/734/EU and subsequent amendments thereto.

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