91/136/EEC: Council Decision of 4 March 1991 concerning a Community loan in favour of the Hellenic Republic

• Articles: 4

Article 1

The Community shall grant the Hellenic Republic under Regulation (EEC) No 1969/88 a loan of ECU 2 200 million or the equivalent amount in other currencies.

Article 2

The loan shall be made available to the Hellenic Republic in three instalments. The average duration of each instalment shall not exceed six years. The three instalments shall be made as follows:

- the first instalment amounting to ECU 1 000 million or the equivalent amount in other currencies as soon as the borrowing operations are completed;

- the second instalment amounting to ECU 600 million or the equivalent amount in other currencies not earlier than 1 February 1992 and in any case the second instalment shall not be released until the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee of the results obtained in the execution of the programme, is satisfied that the agreed measures have been fully implemented and that the targets of the programme have been achieved or that the necessary additional measures to achieve the targets have been agreed or fully implemented;

- the third instalment amounting to ECU 600 million or the equivalent amount in other currencies not earlier than 1 February 1993 subject to the same examination, verification and consultation as in the case of the second instalment.

Article 3

1. The loan shall be granted on the basis of the decision taken by the Hellenic Republic to implement the economic recovery programme which it has presented, the objectives of which are set out in the recitals to this Decision.

2. The Commission, in collaboration with the Monetary Committee, shall examine at regular intervals the evolution of the economic situation of Greece and the execution of the economic recovery programme, as implemented. These examinations will continue until the loan is fully repaid.

Article 4

This Decision is addressed to the Hellenic Republic.

Done at Brussels, 4 March 1991.

For the Council

The President

J. F. POOS

(1) OJ No L 178, 8. 7. 1988, p. 1.

(2) OJ No L 341, 19. 12. 1985, p. 17.