Yes to Reasonable Concessions, No to Debt Write-Off

At the Eurogroup Session held on Monday 26th January 2015, Eurozone Finance Ministers were informed of the latest developments regarding the recent Greek elections. Discussion on this issue will be postponed to the February session.


In comments to the media following the meeting, the Minister for Finance Prof. Edward Scicluna stated “Malta stands ready to discuss concessions which are reasonable, but would be against writing-off debt”.


The Eurogroup session was followed by the Council Meeting of the Economic and Financial Affairs (ECOFIN) on the 27 January 2015, where Finance Ministers held an extensive discussion on the Commission Proposal on the European Funds for Strategic Investments (the so called Investment Plan for Europe)

“Malta welcomes this proposal. The need to be swift and focus on riskier operations, especially when market failures exist is paramount” Professor Edward Scicluna told the meeting.

The European Fund for Strategic Investment is a key priority of the new Commission to boost economic activity and enhance jobs and growth within the EU. In this respect, Malta highlighted the importance of the role of SMEs especially micro-enterprises in this project.

Minister for Finance Prof. Edward Scicluna with Cyprus’ Minister for Finance Mr Charis Georgiades

During the Eurogroup meeting, Finance Ministers also exchanged views on the Latvian`s Presidency work program for the next six months, and of the new Commission`s work program adopted in December 2014 in relation to actions envisaged in the ECOFIN domain over the term of the new Commission.



The discussion at the Eurogroup session also delved in the Commission’s Communication on the need for flexibility in the context of existing rules under the stability and growth pact. Whilst Malta is of the view that such flexibility is needed, more work needs to be carried out to improve on the methodology used for measuring a countries structural effort.

Malta is of the view that the crucial issue is the focus on the structural effort itself. For the meetings, the Minister for Finance was accompanied by the Permanent Secretary Mr. Alfred Camilleri.

27th January 2015


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