Jean-Claude Juncker, President of the Eurogroup, welcomed in a statement the significant progress achieved in the preparation of the second Greek adjustment programme, but it urges the Greek authorities to continue demonstrating strong commitment and to keep up the implementation momentum by rigorously pursuing the adjustment effort, strictly in line with the new programme. The Eurogroup considers that the necessary conditions are in place to launch the relevant national procedures required for the final approval of the euro area's contribution to the financing of the second Greek adjustment programme.

In a statement, the Eurogroup welcomed the progress achieved in the preparation of the second Greek adjustment programme. Jean-Claude Juncker, President of the Eurogroup particularly welcomed the detailed assessment of the Troika that Greece has implemented all agreed prior actions in a satisfactory manner. The agreement reached in February 2012 between the Eurogroup and the Greek government on a policy package constitutes the basis for the successor programme. The Eurogroup also welcomed the high private sector participation in Greece's debt exchange offer, which, according to Mr Juncker, will make a significant contribution to improve Greece's debt sustainability. Greece will therefore activate the Collective Action Clauses applicable to bonds governed by Greek law.

On the other hand, Greece has extended the offer period for bonds governed by foreign law and eligible for the exchange until 23 March. The Eurogroup would expect the participation rate to increase even further over this period, as it is confident that the terms described in the Greek authorities' invitation to bondholders include unique elements provided by the official sector, which make the bond exchange attractive against the backdrop of possible alternatives.

Thus, according to the Eurogroup, the disbursement of the euro area's contribution to the PSI operation in the form of EFSF bonds for the settlement of the Greek-law bonds as well as the accrued interest on the exchanged bonds can proceed as planned. The Eurogroup considers that the necessary conditions are in place to launch the relevant national procedures required for the final approval of the euro area's contribution to the financing of the second Greek adjustment programme.