§ Mr. Deakinsasked the Chancellor of the Exchequer why the European Economic Community Finance Council is to consider recent economic measures taken in Greece; if there was any prior consultation about them within the European Economic Community; and if he will make a statement.
§ Mr. BrookeThe Greek economic measures, announced on 11 October, were intended to deal with balance of payments and other problems. The package contained a number of protective measures, including the introduction of an import deposit scheme, which required derogations from Greece's obligations under the EC treaty. The Greek Government informed the Commission of these measures, as required by article 109 (paragraph 2). Following discussion at its meetings on 28 October and 18 November, the EC Finance Council agreed, on a recommendation from the Commission, to grant a Community loan to Greece of 1,750 million ecu, to be made under the Community loan mechanism for balance of payments assistance provided for in Council Regulations No. 682/81 of 16 March 1981 and No. 1131/85 of 30 April 1985. The loan will be made available in two equal instalments, the second instalment to be released in the light of developments in Greece's economic situation and of the results obtained in Greece's economic recovery programme. The Commission has authorised protective measures, including the import deposit scheme, in accordance with article 108 (paragraph 3).