Ministers agreed that the required additional funding has to be financed through both official and private sources and welcomed the pursuit of voluntary private sector involvement in the form of informal and voluntary roll-overs of existing Greek debt. They also underlined the prerequisite of national unity for success given the length, magnitude and nature of required reforms in Greece.

Although Ministers recognised the considerable progress achieved by the Greek authorities over the last year, particularly in the area of fiscal consolidation, they also stressed the long path still to achieve for this country. They called on all political parties in Greece to support the programme's main objectives and key policy measures to ensure a rigorous and expeditious implementation.

In addition, Herman Van Rompuy, the President of the European Council met on 20 of June the Prime Minister of Greece, Georgios Papandreo. In this meeting, Mr Van Rompuy underlined the need for Greece to make further adjustment efforts to address the current challenges while recognising the progress made so far.

The assessment prepared by the Commission and the IMF showed that debt sustainability hinges critically on Greece sticking to the agreed fiscal consolidation path, the plans of collecting €50 billion in privatisation proceeds until 2015, and the structural reform agenda which will promote medium-term growth. The finalisation of the updated Memorandum of Understanding, which is expected in the coming days, together with the passing of key laws on the fiscal strategy and privatisation by the Greek Parliament, will pave the way for the next disbursement by mid-July.