Next steps

The President briefly presented the next steps that are expected to be taken according to the agreement:

• By Wednesday (15 July) Greece is expected to implement the first set of measures outlined in the Euro Summit statement
• Then the national procedures, which are necessary for authorising the start of negotiations on the programme, would begin
• Following the national procedures, the Eurogroup will be able to give the institutions a mandate to start negotiations with the Greek authorities on a new Memorandum of Understanding
• In parallel to the negotiations the Greek authorities will continue implementing the agreed measures
• The final formal decision on the ESM programme would then be taken.

Bridge financing

The Eurogroup decided to set up an ad-hoc working group of experts which will explore all possible options and will report later this week. The Eurogroup will then hold a conference call on this issue to decide on the next steps.