Moreover, it is the first step in a continuous and flexible process for planning and implementing the necessary adaptation measures at national, regional and local levels and aspires to leverage the capabilities of Greece’s public authorities, economy and society at large, in an aim to address the impacts of climate change in coming years.
The OMTs are aimed at eliminating “redenomination risk” – the unwarranted perception of a risk of euro breakup. OMT interventions in government debt markets are tied, however, to an effective macroeconomic adjustment programme. This prevents them from becoming a subsidy for unsustainable national policies.