 Αυτό θα είναι το καλό τους βίνεις και τώρα θα ακούνε μπορώ να τους δείξω. Ευχαριστώ. Ευχαριστώ. Είμαστε στην Γερμανία. Είμαστε στο σύντομα. Αυτό είναι λίγο λίγο, σιότι είναι σημαντικό για το Βόρφγαν. Βλέπω λίγο λίγο. Θα είμαι και εμένα. Μαρλίμ Μπονίτσι, στον Παράθυρο κ. Μάλικα. Εύκολα. Πώς είναι ο Αίπρος. Να το είμαι. Ναι. Εύκολα. Ευχαριστώ. Ευχαριστώ. Ο Αίπρος μωρός καθώς σήμερα, το γιατί να πω στους δυο λεπτές, που Bennett προσπαθούθηκε η Ελλάδα για το Βόρφγαν. Πολλοί με τον Παράθυρο κ. Μπορεί να πω και να πω τα δυνατότητα. Αλλά, νομίζω, είναι πως αυτογραφόνοι, που we will also reflect on the last speech by Prime Minister, the Tsipras, Αυτό was, again, a very clear political stuff. The two letters, the first one consisted of basically two main proposals, one to ask for an extension. Of course, we are beyond that point and we also made that clear yesterday. And secondly, to start talks on a new program, new financial support from the ESN. The second letter basically said that Greece could, is prepared to accept the last proposal by the institutions, but with a number of changes which I will ask the Commission to reflect upon. I think we need to hear from the institutions how they assess the letters, but also the situation, the political situation at the moment in Greece. And then I will turn to Yannis to further explain what the situation actually is. But as agreed yesterday, the Commission would, with the others, look at the letters first. So, Valdis, are you in the call? With Pierre. Pierre, hi. Could you respond to the letters and how you see the current situation? Okay. Since yesterday, the circumstances have obviously changed. Greece is now in areas to the IMF following a non-payment and the EFS program has expired. The Commission responds to the non-payment to the IMF, are there to, it's responsible to propose reaction to number states under the reclone passivity. I read that close has done the same for the SSF. And to discuss that this morning in the collage, and with the agreement of the Commission today, we recommend that member states reserve their rights to make a decision once there is more clarity on the situation. Yet today, Yannis, you asked the institution to prepare an assessment of which he proposed amendments to the list of prior actions published on Sunday. And this has been done on the basis of yesterday's letter. And the views I will outline are shared by these three institutions, but of course everybody can express. Firstly, I must underline that the document published on Sunday relates to discussions on the expansion of the EFS program. Moreover, the roasting situation circumstances, plus the request for a new two-year program, which will involve larger financial needs, means that changes will be needed compared to the reform package which was previously envisaged. Any new ESM program would of course have to be fully in line with the provisions of the ESM Treaty. As a general remark on Greece's proposals, many of them, from our point of view, lack clarity and specificity. So further discussions with the Greek authorities will be needed to fully assess their impact. Our teams have not yet had the chance to do this. Some of the individual proposals could have merits as part of a comprehensive package. A proper assessment is nonetheless required in the fiscal, financial, or EMS aspects to make sure that any proposals which we can... Have entered the conference. If I look more specifically at the proposals in order, first on VAT, the proposal to keep the VAT discount for Ireland goes in the wrong direction, not only compared to the proposals of the institutions, but also earlier proposals of Greek authorities clearly not view it backtracking. In addition to lower fiscal yield, the proposal would represent a missed opportunity to simplify the VAT system, because a large administration is required to administer these discounts. On fiscal structural measures and pension, the government is proposing longer-facing periods for a number of the measures. For example, the elimination of nuisance changes on the ECAT social top-up to be credible. This could be a way. We need to clarity on when reforms will be legislated and implemented. We need to be open to implementing, but not to legislating later phase-out of ECAT, provided compensating measures are found. On the labour market, the proposal also deviates from the proposal of the institution. And finally on the product market, the letter is more specific on some reforms compared with the Greece's early proposals, but they are less ambitious than the institution's proposals. So more explanations should be given on proceeding with these measures. For example, in response to recommendations of the OECD on the competition toolkit, we have not been able to evaluate some of the proposals that have not been discussed in the so-called process group. The proposal to split any electricity transmission company into a separate legal entity under state majority ownership also needs further careful scrutiny. To sum up, I would say that at first sight, the measures proposed would not be sufficient to meet the agreed fiscal targets. We would need further clarity on a number of the ideas enclosed in order to accept them properly, as some of the measures have not been discussed before in the process group. But there are some progress here and there, especially on the pension area, and the commission stands ready to continue working along with the other institutions on a credible reform package for Greece that reflects the change situation. Lastly, following yesterday's Greek request for a new EASEM program, we are preparing the risk assessment proposal and we stand ready to prepare an assessment of EASEM for EASEM program and give us the mandate to do so. Obviously, the recent speech of the CoA minister tends to give also some invitations on when this could be done. If you'd be in the call, then what? Yes, I'm here. Good evening. You want to comment on the two letters and where we stand in your perspective? Yes, thank you, Jeroen. Let me first apologize on behalf of Mario, but we have a governing council going on as we speak. First, let me agree with Pierre that the revised list of prior actions submitted by the previous authorities is weaker than the proposed role of the three institutions. So further discussion will be warranted if your group wants to explore the seven new further. We also must be aware that the circumstance of the environment has changed. Yes, can you hear me? Is the IMF in the call? Can you hear me? You are still hearing me? Maybe I'm the problem. No, you're right. I can hear you. What is this? What is this? Okay, okay. So first point, the proposals are weaker than the proposals of the institutions. Second, the environment has changed due to the further delay in the implementation of the measures. The proposed approach to the economy through the term or the last days. So this will need to be taken into account when calculating the work projections and also the bank recapitalization requirements in the new program. So when you combine the two facts, this result in larger financing needs and the work that is being done. So I'm just saying that the proposals can be explored further, but as they stand, they widen the fiscal gap and also the environment around it has changed and both the factors combined lead to larger financing needs and the work in the SSA. That said, we understand the discussions to fine tune the proposals are still going down at the technical level and as Pierre said, we stand fully ready to continue working. I have two additional remarks. So the first additional remark is that a third program cannot be limited only to a little fire action. So the proposal of the institution was meant to conclude the review. It was not meant to serve as a basis for an entire program. So of course additional work would be needed to build a fully-fledged third program. And the second remark is that it is essential in our view that the great government commits to service all its financial obligations fully and timely consistent with the Eurobook statement of the 20th of February and the wording of the letter is not so reassuring in that respect. It says that the government is committed to service its external debt but ensures the availability of a good economic growth and social provision. Thanks Benoît. Yames Varoufakis did respond on that last point in yesterday's call. Can I turn to the IMF? The letters that came in and the current situation. Thank you very much. I would like to apologize to the nine directors who have been at the board with the on-greens right now. Let me explain how we see it. We also have some technical difficulties so I did not hear what Benoît had to say. I heard what Shira said and I am the world agreement director. We certainly welcome that the authorities have moved to the right direction in the number of areas but overall the proposals fall short in the sense that they are not consistent with the agreed targets and then be wrong and therefore we think that there is a... We need further discussions we need further clarification we need to see the details and we need to discuss all the issues and we can of course ready to do so and welcome that there is a new dialogue but we are not there. Thank you. Certainly the understatement of today. Thank you, Jerome. I agree with the institutions. Could you also say something on the discussion about preserving our position as creditors? Yes, of course, that I can do and here we discussed in the EWG before this call. I sent a letter this morning to Tomas Vida in non-payment to the IMF so that our board of directors can take the appropriate action. We agreed that it should happen on Friday. I recommend in my letter that we should reserve our rights because that seems to be the most appropriate course of action for the next few days given the uncertainties. There is nothing in our treaty but we have no long-term preservation of rights can not we agreed in the EWG that it would be reviewed on an ongoing basis at least once a week the EWG would review it or more frequently if necessary and I think there was a cost consensus to move in this direction. Thank you. I would first like to turn to Janos Varopakis if he has a call to ask him to explain not so much the letters or you can of course make remarks on those but the present political situation Yes, thank you Jeroen. Thank you. Yes, hello, I hope you can hear me. Can you hear me Jeroen? Yes, thank you. Right, let me begin with a few comments on the proposed prior actions of the good government which were submitted to you which now the institutions have had a chance to look at. I believe they were also discussed in the Euro working group just prior to this teleconference. We believe that the SLA changed the prior action amendments that we are proposing fall well within the maximum flexibility of the MOU process as described repeatedly to us by the institutions. Very briefly let me mention the eight points which are pertinent here. One concerns the discount on VAT of the islands but it is our estimate and I believe the institutions agree on that estimate that maintaining that discount along the lines of also what happens on island complexes everywhere else in Europe including the Canary Islands and so on that the fiscal impact will be about 340 million of maintaining this discount. We have proposed equivalent measures that pertain to tax on real estate rents as well as a very small increase in corporate tax. The second point of difference the second amendment concerns the request the requirement that individual business owners should advance immediately 100% of their tax payments we have shifted that from 2016 to 2017 in order to soften the blow to them. The phasing out of diesel tax subsidies for farmers we would like again to have a glide path leading to that in 2017. On the question of pension reform both regarding the secondary pensions as well as the CAS the Solidarity rather small add-on to the lowest of the low pensions we are again in tune with what the institutions are requesting except that again we are recommending requesting a longer period of adaptation as far as product markets are concerned we would like to add here that the Greek government as is probably known to most colleagues has entered into a firm collaboration with the OECD the Secretary General of the OECD and his staff have committed to a joint program with Greece for creating, designing implementing and monitoring the implementation of many more product market reforms and other kinds of reforms like for instance anti-corruption procurement reforms and so on and we would like these to be considered very positive steps on our government in order to pursue the reforming process which everybody wants to see being incorporated in Greece Finally a couple of more points I won't tie you more than is necessary we had certain objections from the ministry of maritime affairs regarding ferry transportation on security and safety grounds and finally the question of the admin, the electricity sector reform where we are proposing that it is split from the PPC but that it is not privatized this is the final change amendment that we are recommending again let me say that we believe that these amendments fall well within the realm of flexibility which is part and parcel of the review process but we are going to comment on the political situation let me be succinct on that and to the point the referendum was called because we felt as a government that we did not have a mandate to answer the institutions called to accept this SLA and the particular financing package as it was given to us we said we are going to put it to the Greek people next Sunday who are the final arbiters of such decisions again let me repeat what I said yesterday we are fully committed and absolutely determined to implement the verdict of the Greek people on Sunday so if the yes vote wins we will do whatever it takes in order to make sure that the institutions proposals of the 25th of June the institutions feel like amending them we will accept these amendments as well will be signed, sealed and delivered within a very very short space of time the speech by the Prime Minister today was a speech which was meant to say one thing and that is that the concern of the government is that whatever prior actions we undertake must be sustainable there must be prior actions that are consistent with the reforms that Greece needs and must be embedded in a program whose financing component is giving us hope not just us but to investors, to consumers to the markets that Greece will be out of the woods but also the course of the agreement that we are signing thank you Can I make a few remarks I think the question of the extension of course has passed the old program as well therefore also the validity of the proposals that were on the table by the institutions have gone to this extent that they were meant to come to a positive review of the old program the old program has gone it has not been finished there will not be a positive review specifically in terms of the request for a new program of course as Greece is a member of the Eurozone and of the ESM we will take it into consideration those proposals will then be of use but the key question now is given the political circumstances and each Prime Minister again today whether we should undertake any action on that request at this point or await the referendum in Greece who would like to respond to the letters and the political situation Thank you very much I think you have very well explained the situation there was a short program it is now finished and we are talking about an element that will allow us to negotiate a new program from this point of view the proposals that were made by Greece in one or another letter they are useful to us Παγγύριο Ευρών I think you have very well summarized the situation there was a program that was done away and now this program is finished so what we are talking about now are elements for the negotiation on the future program and from this point of view the proposals by the Greek authorities are part of what can be used for that The question that was asked us today was to know if the political context was sufficiently modified to allow us to give a political message to the future negotiations The question that was on the table today is has the political context being sufficiently modified I mean, sufficiently different or has to send right now a positive political signal to the future negotiations We have been working with many contacts to make sure that this political context can be modified enough to allow a positive vision today in Eurogroup I just note that this political situation continued to be the first UNIFF that the respect is of course not been modified and therefore it is not possible today to give positive signals to the future negotiations We have been, I mean, a number of us have worked quite hard with lots of contacts with all stakeholders to work towards changing the political context sufficiently that we could have a positive political expression today at the Eurogroup One page, and not only taking into account the speech by Prime Minister Tsipras with fully respecting what he said is that it doesn't lead to a sufficient modification of the political context So from there on, it's not possible to have this positive expression from the Eurogroup today So I finished I'm finished Okay, thank you Other colleagues? You are? Good evening to everybody I would like to make three remarks First of all, given the situation I described I think there is indeed at this point in time given the referendum nothing really to negotiate about Secondly, with respect to the referendum I think that the argument that is so often repeated now that the Greek government does not have a mandate to do this negotiation is really running away from the responsibility of an elected government And with respect to the argument that a yes vote would be implemented by this government I repeat what I said in earlier meetings I found this to be really incredible as a state of play Now, my third point would be that basically we are now in any case in a very different world than we were one or two days ago First of all, the program has expired irrevocably and Greece is secondly effectively in default now Moreover, the economic and financial conditions of the country have substantially further deteriorated not least because of the backtracking by the Cyprus government on what had been achieved under the second program So, and I conclude whatever has been on the table in terms of proposals and measures needs to be revisited in light of this entirely and fundamentally different situation Thank you Thank you, all the colleagues You're on media leash Can I ask again? You're on? Thank you Hello everyone I just wanted to say that listening to what has been said by the institutions and also by some of the public our position is that we fully respect the decision that the Greek government calls for a referendum I mentioned that for last week and therefore we should wait for the outcome of this referendum before we decide what to do from then on and I'm not sure whether this is necessary at this stage but I would like to say that we agree with a recommendation by our regulations on the reservation of rights Thank you The reservation of our rights at the end I believe I was quite strong consensus in the EWG on this so maybe we can just come back to that in the end If anyone would feel different than the proposal from Claude Wrigley then they might express it Who else can I give the floor? Louis? How are you? You know very short I would like to ask Giannis whether it's correct that Mr. Tsipras has said today that he offered a no vote in the referendum this Sunday and that this no vote means pressure on creditors I would like to respond Yes, Jeroen We all know how negotiations unfold We are often told in the Eurogroup with the Greek side Greek representation that X, Y or Z parliament does not permit our colleagues to enter into a discussion about matters which are of absolutely important to the sustainability of the Greek program like for instance the funding issues Remember the issue that I raised last week in Brussels about dipping into the HFSF fund in order to pay the S&P bonds of July and August We consider that to be highly problematic regarding the bank recapitalization program but we were told that a number of parliaments have prevented colleagues from even entering into such a discussion So the notion that a sovereign body whether it's a parliament or a people who vote through a referendum exert pressure in the negotiations amongst ourselves in the Eurogroup is not unheard of it is part and parcel of what we do and this is what Prime Minister Tsipras said Thank you Thank you very much No for the comments No We don't still right here Peter, go ahead So now we see the situation the Greek government is asking for a new program but on the basis of proposals that it's typically campaigned against in the referendum it's really a dedicated environment So therefore I cannot imagine to discuss the S&P before the referendum is over That's clear about the support of the Johan and Morales Thank you Other colleagues At this stage it's inevitable that we wait for the referendum although to be frank if there is no victory I'm still wondering it is a no to watch since of course the initial referendum but instead of proposals which is now in a way or the other beyond our shoulders Number one Number two as someone has already said the new proposal the new request from the Greek government is about an ESN program which is of course as you have mentioned your own different in terms of density features and requirements than the set of measures whether there is anything more precise we can attach to yes no vote Is it a yes no vote to a new ESM is it a yes no vote to the old measures to yes to the new measures this in any case whatever the result of the referendum will be adds to confusion and does not provide credibility in any negotiation that we will engage Yes thank you your own clearly it was Pierre Carlo You asked what would a no be in aid of no to what Well firstly the ballot paper is very explicit it refers to the 25th of June documents that were tabled and which were offered to the Greek government from the institutions by the institutions our recommendation of a no is not so much legally concerns this particular set of documents which may or may not be on the table but if you want me to answer in terms of the spirit of the exercise we are saying no to an agreement which in our estimation and I think in the estimation of many people is simply not sustainable given the funding package that accompanies it given the debt sustainability analysis that is accompanying it and given the fact that where we to agree to those proposals we would have reviews every month up until November and in parallel to those reviews we would have to have another negotiation in order to discuss a third program by the end of November this would create an unsustainable agreement as far as we are concerned so we are recommending to the Greek people to say no to that a new program with the ESM that can be agreed to on the basis of the SLA and the prior actions that are on the table as we speak would be utterly sustainable and of course to that we would say a big yes after the referendum on Sunday Can I ask the Greek government to have a mandate to request for an ESM What Carlo, we do We do In response to an early question Why don't we make our minds up as a government Why are we saying that we don't have a mandate What we said explicitly was we did not have a mandate to sign on an agreement which we considered to be unsustainable both in the short run and in the medium run but to request a new ESM program to be sustainable we certainly have a mandate for that Can I first make one remark in terms of the process in your group it needs to be very clear there was no agreement the only thing there was were prepared documents by the institutions which they could support which were prepared with a view of coming to an arrangement or an agreement in your group was never achieved there is no agreement to put to the Greek people Wolfgang, go ahead That's exactly what I want to say it's a situation therefore I share the confusion of Pierre Carlo because the Greek government takes place on a yes or no on proposals which are not still longer valid but the precondition for this proposal is over therefore we are in a totally new world and we are not only in a new league because ESM project is different but we are also in a totally new world in touch because we need a totally new program and of course the situation has not been improved since we drafted the last program it has to be in mind that I share the view of all this which I have said before the referendum nothing can be divided into your group nor the process I'm beginning to see a common ground for conclusion are there any colleagues who want to speak Pierre Carlo, this is Harry Go ahead, Ars Even though I do share one or almost all of the comments the colleagues let me say this the Greek people are feeling a sense of desperation and they are expressing in every conceivable way their wish to see Greece stay in the Euro and to maintain the ties with the EU So even though everything that has been said is actually correct, valid I do feel that we owe it to the Greek people who have in touch the mobilize in an effort to see Greece remaining in the Euro to send a positive message even out of this Euro group in the direction that we can't initiate the process of re-examination of the Greek request I think we should all agree that there is no way for Greece to effectively remain the Eurozone without an agreement on the third program Definitely that cannot be agreed today Definitely as Benoit has said these are the facts that require a fully-fledged MOU and not just a list of high reactions no disagreements but at the very least we could send the positive message that the request will be examined the process of negotiating the details will be initiated because very simply I think this will this will give hope this will give hope to the Greek people and will probably help what is a common cause Any other colleagues? Yerun, might I interject for just one moment? Yanis Sure, I just wanted to say that in response to your comment we did not put an agreement to the Greek people, you are right on the 25th of June there was no agreement but there was a very specific proposal and the time as you the clock as you were saying and everybody was saying and I was saying was running out we put that proposal to the Greek people if the Greek people say yes then we have an agreement along those lines now, the fact that these proposals after we called for a referendum might have been withdrawn or expired afterwards well this is an important point but it is not a crucial point because the proposals that we are discussing now the SLA well it's very close to what was put on the table by the institutions is a prospect of a new program which is a lot more palatable and sustainable that Greece will stay in the euro is a foregone conclusion as far as we are concerned our position, our place in the eurozone and in the European Union are non-negotiable and no on Sunday will mean that we are going to have to speed up the agreement leading to agreement to an agreement that is mutually advantageous and which we feel that we have a mandate to see through and which we can look at you in the eyes and say we are going to implement it if we were going to say yes to the proposals of the 25th of June we couldn't do that because we do not believe that even with the best will in the world it wouldn't be sustainable and just one last point the colleagues questioned our credibility when we say that in case of a yes we shall implement the agreement please do not question our credibility on this we are committed and under constructed democrats and if the Greek people on Sunday deliver a yes vote we shall do as I said whatever it takes to implement that yes even if it means changing the configuration of the Greek government we will try and formulate our conclusion I think that we have to realize that the current situation is that the whole program has expired or put on the table last weekends by the institutions were never part of an agreement in the Eurogroup they were never put to the Eurogroup for me because there was no agreement and the Eurogroup never discussed financing needs sustainability etc. that again has to be very clear and therefore what the Greek government has put into its people is hard to understand the request to extend the whole program of course is no longer valid, no longer realistic the proposal to get a new financial support from the ESM will be taken into consideration will start procedures but given the current political situation and as the Greek government says it's lack of mandate we must await the referendum on Sunday I will draft a short letter along with responding to the two letters at least formally to the one letter that I received taking into account that there is also a second letter specifically on the proposals and letter I listened carefully to the institutions and Pierre said some may have merit some are fake and deserve more clarity but some are also weakening the proposals I think it was Benoit who said they widen the fiscal gap they worsen the DSA and they create larger financial needs I will just take note of that of those comments from the institutions we will not take any decision nor on the old proposals from the institutions nor from these amendments on the Greek side they can become of use part of a further talks but that is for consideration after Sunday merit has made the point that we should also give off a positive message to the people of Greece and I think that is possible but making also very clear that we are no longer negotiating with the Greek government and we are no longer asking the institutions to negotiate with the Greek government between now and the referendum I think the Greek people also deserve to have clarity of what is actually happening at the moment and I don't think the Greek Prime Minister today has given that clarity in his speech we should give that clarity and we will be no further talks we will not ask the institutions to further discuss the proposals until after the referendum that would be in my mind the outline of the letter and the communication after this call I am open to your comments I am open to your comments I am open to your comments Jeroen, can I just interject for a sec Giannis I didn't hear any of our colleagues suggest that there should be no further discussions negotiations, discussions I think that given that this government whether the answer of the Greek people the verdict of the people will be a yes or no is committed to discussing the SLA the prior actions you have them in front of you we heard from the institutions that they are a positive step in the right direction even if they are considered by some of the institutions to be weak or to contain bits and pieces which are not welcomed by them nevertheless and also taking up on what Michelle was saying it's clear to us that it would be a good idea for everyone involved to continue finding common ground on the possibility of a new ESM program and it just doesn't seem to me that your it's consistent with what I heard from many of our colleagues and in particular if I remember correctly Pierre Moscovici said something along the lines of what I am saying now that we should continue to discuss with the institutions in particular to assess the fiscal aspects of what our proposals and so on and so forth so I don't think that your wrap up is a genuine wrap up it's your opinion which is of course highly respected but that's another matter I of course disagree I listened carefully to Pierre who said that the committee stands ready on a request of your group to further work etc but at this point we will do such a request to the institutions and my proposal is quite clear to what colleagues have said but I am open for more comment Wolfgang I would like to play the role that fully agree with your summary the example was exactly what we have discussed and in fully in line with your aspect Pierre speaking I would like also to support you because it's true that I said that we are ready to do the job any time you ask and you do ask but I also said that due to the new situation we all understand when this could be done and share your analysis Thank you, other comments? Well, your moment Michel Thank you I agree with your comments with the political context that has not changed after the intervention of the First Amendment there were discussions during which we decided to make sure that this political context is modified but not modified these discussions have no meaning but they are very true Just a word, Geron I agree with your conclusion I take into account again the political context which hasn't changed following the speech by Prime Minister Tigras there were discussions on going to change this political context it hasn't so there is no point to continue them until the referendum has taken place The propositions that were brought by the Prime Minister are obviously propositions that must be considered but we will consider them when the Greek government has issued a referendum we will be asked for a new programme it will be a first base for our discussion but today there is no more discussion until the referendum and the Greek people will be excluded The propositions that were put on the table by the two letters by Prime Minister Tigras of course we should consider them and we will do that but we will do that only when the Greek government after the referendum will make a new format for a new programme and those letters will be first elements for the discussion but right now and until the referendum until the Greek people will have had their say there is no more discussion Any other comments? Just for the record I want to say that I fully support the conclusion that you laid down Thank you Me too Jerome Please, thank you Good job here Good job You have my support I support your conclusions Peter, I would like to support you also Thank you I support your conclusion too Jerome Really I support your conclusion too Thank you Jerome Michael I support your conclusions too Jerome I support your conclusion too I support your conclusion too Thank you Hello Jerome Until the next meeting Go ahead We fully support We presume that there is a lot of support I will take into consideration and try to also express it in communication or a feeling our understanding our empathy for the desperation of the Greek people at the moment something of the words that Harris used So I think we need to make that clear also and I will send a short reply along the lines that I mentioned to Prime Minister of Greece Let me before we come to a close of this meeting make two points on the point of reserving our rights under the GLF the Greek loan facility and the EFF Given the fact that we took on the non-payment to the IMF and recent financial developments I think we can confirm in principle our decision to reserve our rights under the Greek loan facility and the EFF for the time being and follow the procedure that Clauss and Adelaide have proposed Thank you I agree that for the time being means that we had to make some changes after the referendum Yes I think that is also what Clauss was referring to They cut their margin more than some Americans and they are all running now I think we can wrap it up for now I want to thank you all for your contribution One more point I want to make there is a worrying sentence in the first letter about Greece's commitment to service its external debt So I will also put in my letter a reference to what the Greek authorities agreed on on the 20th of February There are the Greek authorities in that zero group statement reiterated their unequivocal commitment to honour their financial obligations to all their creditors fully and timely I think it is very important absolutely clear how we see that commitment Just a second This is Yannis Let me reiterate what I said yesterday in our conference that we are very happy to have this particular sentence amended as required to include timely as well as fully regarding the meeting of our obligations to our creditors What can we do about this? I was still reiterated I don't think you can object to that Thank you Thank you for joining us We will await the outcome of the referendum Thank you Thank you