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Eurogroup approves transfer to Greece of €767 million in bond profits

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Eurogroup approves transfer to Greece of €767 million in bond profits

The European Commission's Eurogroup approved a transfer to Greece of 767 million in eurozone central bank profits made from Greek government bonds known as SMP/ANFA.

The EU commission's report on reforms in Greece presented at a meeting of a group of eurozone finance ministers, collectively called the Eurogroup, concluded that Greece had taken the necessary steps to meet its mid-2019 goals. These signs of progress allowed the Eurogroup to approve debt relief measures.

"Greece has also made significant progress with broader structural reforms, notably in the area of the labour market, digital governance, investment licensing and the business environment," Mario Centeno, president of the group, said.

Additionally, the Greek budget proposal meets the 3.5% of GDP primary surplus, while tax burdens on capital and labor had fallen.