26.1.88 Official Journal of the European Communities No C 20/9 
Proposal for a Council Decision amending Decision No 87/182/EEC of 9 March 1987 
empowering the Commission to borrow under the New Community Instrument with regard to 
exceptional Community aid for the reconstruction of the areas stricken by the earthquakes of 
September 1986 in Greece 
COM(87) 727final 
(Submitted by the Commission to the Council on 23 December 1987) 
(88/C 20/07) 
THE COUNCIL OF THE EUROPEAN COMMUNITIES, HAS DECIDED AS FOLLOWS: 
Having regard to the Treaty establishing the European 
Economic Community, and in particular Article 235 
thereof, 
Having regard to the proposal from the Commission, 
Having regard to the opinion of the European Par­
liament, 
Whereas the population of certain areas of Greece have 
been gravely affected by the earthquakes of September 
1986, with a consequent need to help to offset the effects 
of this disaster on their economic and social well-being; 
Whereas the areas stricken by these earthquakes extend 
over the town of Kalamata and its surroundings in the 
nomos of Messinia; 
Whereas steps should be taken to deal quickly and 
efficiently with this quite exceptional situation; 
Whereas Council Decision No 87/182/EEC of 9 March 
1987 empowering the Commission to borrow for the 
promotion of investment in the Community (x) provides a 
means, subject to the amendments made by the present 
decision, of helping to attain this objective; 
Whereas an interest subsidy should be provided on loans 
granted for this purpose whether under the New 
Community Instrument or made from the European 
Investment Bank's own resources; 
Whereas the European Investment Bank has agreed to 
cooperate in carrying out this Decision; 
Whereas the Treaty does not provide the requisite 
specific powers; Article 1 
The following paragraphs shall be added to Article 1 of 
Decision No 87/182/EEC: 
'In addition, the Commission shall exceptionally be 
empowered to borrow, on behalf of the European 
Economic Community, in order to finance 
investment projects for the reconstruction of the 
means of production and of the economic and social 
infrastructure, including housing, in the areas 
devastated by the earthquakes of September 1986 in 
Greece. Article 2, Article 3(1) and Article 4 shall not 
apply to the loans so granted. 
The amount of these exceptional borrowing powers 
shall be such as to permit the granting of loans up to 
the equivalent of a capital value of 100 million ECU 
in all, this figure to be reduced by the value of any 
loans made for the same purpose by the European 
Investment Bank out of its own resources.' 
Article 2 
The following paragraphs shall be added to Article 5 of 
Decision No 87/182/EEC: 
'The ultimate recipients of the loans granted up to a 
combined capital value of 100 million ECU, under 
the New Community Instrument by virtue of Article 
1 and by the European Investment Bank out of its 
own resources, for investment projects carried out in 
the areas devastated by the earthquakes of September 
1986 in Greece, shall be entitled to an interest 
subsidy chargeable to the General Budget of the 
European Communities. 
On the basis of projects put forward by the Greek 
authorities, the Commission shall grant this subsidy 
at a rate of three percentage points per annum for up 
to 12 years.' 
Article 3 
(') OJNoL71, 14. 3. 1987. This decision shall take effect from 1 January 1988.