88/600/EEC: Commission Decision of 22 November 1988 renewing and amending Decision 85/594/EEC authorizing the Hellenic Republic to take certain protective measures under Article 108 (3) of the EEC Treaty (only the Greek text is authentic)

COMMISSION  DECISION
of 22 November 1988
renewing and amending Decision 85/594/EEC authorizing the Hellenic Republic to take certain protective measures under Article 108 (3) of the EEC Treaty
(Only the Greek text is authentic)
(88/600/EEC)
THE COMMISSION OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 108 (3) thereof,
Whereas, by Decision 85/594/EEC (1), the Commission on a temporary basis authorized the Hellenic Republic to take certain protective measures in support of a programme of economic stabilization implemented by the Greek Government from the end of 1985 in order to deal with serious balance of payments difficulties and to restore an acceptable situation;
Whereas since then, and in line with the improvement in the external equilibrium of Greece, several of these protective measures have been revoked or amended in accordance with the provisions of Commission Decision 85/594/EEC; whereas this Decision was amended by Commission Decision 86/614/EEC (2) and 87/152/EEC (3) and lastly by Decision 88/438/EEC (4).
Whereas the Hellenic Republic has claimed balance of payments difficulties persist; whereas it has requested an extension of certain protective measures in respect of the movement of capital and transfers relating to tourist expenditure of Greek residents abroad, in accordance with the provisions of Article 9 (5) of Commission Decision 85/594/EEC; whereas, nevertheless, the Greek authorities have relaxed the restrictions originally authorized in this area; whereas they intend to continue to do so in line with the results achieved in the recovery of the balance of payments;
Whereas it emerges from the examination of the overall economic situation of Greece undertaken by the Commission that the improvement in the external position of Greece since 1986 makes it possible to ease the restrictions originally authorized with regard to the movement of capital and the tourist expenditure of Greek residents abroad; whereas the Greek balance of payments situation nevertheless remains fragile and whereas if its recovery is to continue and to be consolidated, in particular by the restoration of a sound public finance situation, the retention of certain protective measures in this area on a provisional basis is justified;
Whereas there are grounds for renewing and accordingly amending the authorization to apply these protective measures; whereas, however, the evolution of the economic situation in Greece should be monitored attentively so that the measures authorized may possibly be amended or repealed if the conditions justifying them were no longer to obtain;
Whereas, for the sake of transparency it is appropriate to present in a single text the complete enacting terms of Decision 85/594/EEC as last amended by this Decision,