The full announcement:

“The Eurogroup recalls that a full staff-level agreement has been reached between Greece and the Troika on updated programme conditionality and that, according to the Troika, Greece has implemented all agreed prior actions.

The Eurogroup in particular welcomes the updated assessment of the Troika that Greece has implemented in a satisfactory manner a wide ranging set of reforms, as well as the budget for 2013 and an ambitious medium term fiscal strategy 2013-16.

The Eurogroup noted with satisfaction that the updated programme conditionality includes the adoption by Greece of new instruments to enhance the implementation of the programme, notably by means of correction mechanisms to safeguard the achievement of both fiscal and privatisation targets, and by stronger budgeting and monitoring rules. Greece has also significantly strengthened the segregated account for debt servicing. Greece will transfer all privatizations revenues, the targeted primary surpluses as well as 30% of the excess primary surplus to this account, to meet debt service payment on a quarterly forward-looking basis. Greece will also increase transparency and provide full ex ante and ex post information to the EFSF/ESM on transactions on the segregated account.

The Eurogroup again commended the authorities for their demonstrated strong commitment to the adjustment programme and reiterated its appreciation for the efforts made by the Greek citizens.

The Eurogroup noted that the outlook for the sustainability of Greek government debt has worsened compared to March 2012 when the second programme was concluded, mainly on account of a deteriorated macro-economic situation and delays in programme implementation

The Eurogroup considered that the necessary revision in the fiscal targets and the implied postponement of a primary surplus target of 4.5% of GDP from 2014 to 2016 calls for a broader concept of debt sustainability encompassing lower debt levels in the medium term, smoothing of the current financing hump after 2020 and easing of its financing.

The Eurogroup was informed that Greece is considering certain debt reduction measures in the near future, which may involve public debt tender purchases of the various categories of sovereign obligations. If this is the route chosen, any tender or exchange prices are expected to be no higher than those at the close on Friday, 23 November 2012.

The Eurogroup considers that, in recapitalising Greek banks, liability management exercises should be conducted in respect of remaining subordinated debt holders so as to ensure a fair burden sharing.

Against this background and after having been reassured of the authorities’ resolve to carry the fiscal and structural reform momentum forward and with a positive outcome of the possible debt buy-back operation, the euro area Member States would be prepared to consider the following initiatives:

- A lowering by 100 bps of the interest rate charged to Greece on the loans provided in the context of the Greek Loan Facility. Member States under a full financial assistance programme are not required to participate in the lowering of the GLF interest rates for the period in which they receive themselves financial assistance.

- A lowering by 10 bps of the guarantee fee costs paid by Greece on the EFSF loans.

- An extension of the maturities of the bilateral and EFSF loans by 15 years and a deferral of interest payments of Greece on EFSF loans by 10 years. These measures will not affect the creditworthiness of EFSF, which is fully backed by the guarantees from Member States.

- A commitment by Member States to pass on to Greece’s segregated account, an amount equivalent to the income on the SMP portfolio accruing to their national central bank as from budget year 2013. Member States under a full financial assistance programme are not required to participate in this scheme for the period in which they receive themselves financial assistance.

The Eurogroup stresses, however, that the above-mentioned benefits of initiatives by euro area Member States would accrue to Greece in a phased manner and conditional upon a strong implementation by the country of the agreed reform measures in the programme period as well as in the post-programme surveillance period.

The Eurogroup is confident that, jointly, the above-mentioned initiatives by Greece and the other euro area Member States would bring Greece’s public debt back on a sustainable path throughout this and the next decade and will facilitate a gradual return to market financing. Euro area Member States will consider further measures and assistance, including inter alia lower co-financing in structural funds and/or further interest rate reduction of the Greek Loan Facility, if necessary, for achieving a further credible and sustainable reduction of Greek debt-to-GDP ratio, when Greece reaches an annual primary surplus, as envisaged in the current MoU, conditional on full implementation of all conditions contained in the programme, in order to ensure that by the end of the IMF programme in 2016, Greece can reach a debt-to-GDP ratio in that year of 175% and in 2020 of 124% of GDP, and in 2022 a debt-to-GDP ratio substantially lower than 110%.

As was stated by the Eurogroup on 21 February 2012, we are committed to providing adequate support to Greece during the life of the programme and beyond until it has regained market access, provided that Greece fully complies with the requirements and objectives of the adjustment programme.

The Eurogroup concludes that the necessary elements are now in place for Member States to launch the relevant national procedures required for the approval of the next EFSF disbursement, which amounts to EUR 43.7 bn. EUR 10.6 bn for budgetary financing and EUR 23.8 bn in EFSF bonds earmarked for bank recapitalisation will be paid out in December. The disbursement of the remaining amount will be made in three sub-tranches during the first quarter of 2013, linked to the implementation of the MoU milestones (including the implementation of the agreed tax reform by January) to be agreed by the Troika.

The Eurogroup expects to be in a position to formally decide on the disbursement by 13 December, subject to the completion of these national procedures and following a review of the outcome of a possible debt buy-back operation by Greece.”

To mark the 6th EU Anti-Trafficking Day, the Cyprus EU Presidency and the European Commission organised a high level conference in Brussels on 18th October 2012.

The conference, entitled ‘Working together towards the eradication of trafficking in human beings: The Way Forward’, focused on the recently adopted EU Strategy on Trafficking in Human Beings. It aimed to serve as a forum for exchange of views on shaping future actions to strengthen cooperation, victim protection and assistance, prevention and prosecution in the field of trafficking in human beings.

On this occasion, high-level policy makers, government officials from all EU Member States, representatives of civil society organisations, experts, front line workers, as well as artists and the media, reflected on how to best work together towards the eradication of trafficking in human beings.

Trafficking in human beings takes many different forms; people can be sold for sex, labour in agriculture, construction, or the textile industry, or forced into domestic labour. It is a severe human rights violation rooted in vulnerability to poverty, lack of democratic cultures, gender inequality, conflict and post-conflict dynamics, lack of opportunities and employment, lack of access to education, child labour and discrimination.

As findings demonstrate this kind of trafficking constitutes a very lucrative form of crime that generates profits of dozens of billions of Euro; and the business is not decreasing. According to the ILO Global Estimates Report of June 2012 on forced labour, the total number of victims of forced labour worldwide is estimated at 20.9 million, of whom 880,000 are in the EU.

Data collected by Eurostat for the years 2008-2010 demonstrate that 75% of registered victims were trafficked for sexual exploitation, forced begging, or domestic servitude. Twenty-one EU Member States were able to give gender-specific information, according to which women and girls are the main victims of trafficking in human beings. Female victims accounted for 79 per cent and male victims for 21 per cent. EU Member States reported that most of the registered victims within the EU come from Romania and Bulgaria, while victims from non-EU countries tend to originate from Nigeria and China.

Trafficking in human beings is specifically prohibited under Article 5 of the Charter of Fundamental Rights of the European Union, but more needs to be done on a legal level. As for now, the Member States of the Union declared their political commitment on preventing and combating trafficking in human beings when they signed Directive 2011/36/EU; the first EU criminal law instrument under the Lisbon Treaty. This EU level legislation is expected to have an appreciable impact once fully adopted by the Member States by 6 April 2013.

On an procedural note, the conference comprised two main sessions. The first session focused on actions needed for the next five years in all different fields related to trafficking in human beings. It focused on strengthening partnerships, including new actors working in the field, identifying innovative approaches for referring victims, and investigating cases of trafficking in human beings. The first year results of the Joint Statement signed by the Heads of the EU Justice and Home Affairs agencies at the 5th EU Anti-Trafficking Day were also presented. As well as the Eurojust Action Plan against Trafficking in Human Beings 2012-2016.

The second session was dedicated to a more in-depth discussion on particular topics, to be discussed in three working groups selected on the basis of the EU Strategy priorities on Prevention, Prosecution, and Protection/Assistance, respectively: 1) reduction of demand (and supply) as key in preventing trafficking in human beings; 2) financial investigations; and 3) EU Transnational Referral Mechanisms.

Participants included, among others, Eleni Mavrou, Minister of the Interior, Cyprus; Cecilia Malmström, EU Commissioner for Home Affairs; Josie Christodoulou, Policy Coordinator, Mediterranean Institute of Gender Studies, NGO, Cyprus; Antoaneta Vassileva, Secretary General, National Commission for Combating Trafficking in Human Beings and NREM, Bulgaria; Mark Ovenden, former victim of human trafficking for labour exploitation, United Kingdom.

The Festival takes place from the 9th to the 23rd October, and covers thematics directly related to renewable energy, social finance, soft transportation, responsible consumption. The documentaries, and short films, are accessible online, as well as tips and practical advice.

The audience learns right away that green economy begins with changing behaviours and everyday habits. Each action can have a bigger global impact than we might realize, as choosing sustainable modes of transportation, or avoiding individually packaged goods, is something that everybody can afford doing and its effect capitalizes on numbers.

What is more, many industrial processes have a significant ecological impact, as shown by several shorts; hence the importance for a transition towards greener industrial practices. Some of the documentaries offer example of companies who already implement such changed and might be an inspiration to others.

The Festival’s organizers, however, are not only active online. Since it is known that a green economy requires proactive policies, the festival will feature a screening at the European Parliament as a contribution towards increasing awareness among decision-makers.

The festival will also take place in Brussels during the Fair Trade Week. The program includes a family and general public day and a professional networking day. Finally, there will be a screening of the film Surviving Progress (produced by Martin Scorsese), which will be followed by a debate between students and representatives from international institutions on the limits of progress. The speakers include Isabelle Durant – European deputee, Vice-president of the European Parliament -, Chris Vanden Bilcke – Head of UNEP’s Liaison Office to the EU in Brussels -, Jeremy Wates – Head of the European Environmental Bureau -, Laurent Ledoux – Head of the ASBL Philosophy & management.

A rapid look at the shorts online leave the impression of a vast, rich, and diverse production. The shorts can be watched by the audience directly from the Festival’s website, and voted.

http://www.greenupfilmfestival.com/en

The second scenario is a “friendly” divorce with the Eurozone. According to this, the Greek government says it does not intend or it cannot implement the Memorandum, or Greece does not “pass” the next troika assessment. Then, the installments of the funding programme will simply stop and Greece will have to meet its funding needs from within. Then, austerity is intensifying, since Greece will remain with a primary deficit that it cannot serve through lending. However, the ECB continues to support the Greek banks and Greece remains in the eurosystem. Due to the lack of liquidity, a parallel bill will start circulating against “debt” in Euro (IOU – from the English phrase “I owe you”). The deposits are in euros, thanks to the support of the ECB, but progressively, new money replaced the old. In this scenario, the gradual disengagement of the euro could last for years, the rest of the Eurozone takes urgent steps towards further political and economic integration, while avoiding the “raid” in Spanish and Portuguese banks, since people see that even in the extreme Greek case, deposits do not change currency. Moreover, the eurozone as a whole continues to guarantee the stability of the banking system.

The worst scenario includes the new Greek government not only terminating the loan agreement and reversing the steps already taken, but appearing in full confrontation with the Europeans. Then the “hard” line will prevail in Brussels, which opposes any further support. In this case, instead of a hard landing to the new reality, according to the second scenario, Greece will face destruction. ECB will “pull the plug” from the Greek banks and the transition to a new currency will take place in disorder and panic. The process of issuing new currency will take months, during which there will be a real crunch in the economy. Invasions will take place in banks, while the new currency will have no exchange value and prestige abroad.

Withdrawal from the EU would be just one of the calamities that await the country, in this case. Also, even if Greece stopped repaying loans, the claims towards the country would remain, putting Greek assets abroad in jeopardy, and the country in an impossible legal and diplomatic position.