Greece: Euro zone’s debt relief – Handelsblatt granted

Greece

The Euro-The Minister of Finance to waive for 2017 is to increase the interest rates for Greece.

(photo: Reuters)

Brusselsa number to the facilitation of debt repayments granted to The Euro-Finance Ministers of the highly indebted Greece. The basis for this had already been in may be placed, said Euro group chief Jeroen Dijsselbloem on Monday evening in Brussels. Now, the European stability mechanism (ESM) had submitted Details which were approved by the Ministers.

These are independent of the ongoing Review of the austerity and reform programme of the country, there is especially in the case of the labour market reform still differences. Also, the involvement of the International monetary Fund (IMF) is still open.

Greece since 2010, from international loans. For the third utility in the amount of up to EUR 86 billion, the government in Athens and the donors on a comprehensive reform programme to 2018, agreed. What measures could then be taken is still not in sight, said Dijsselbloem.

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ESM chief, Klaus Regling, will now be initially reduced through a series of technical measures, the cost of the Greek debt. Thus, repayment periods for loans from the second bailout programme will be from 28 to around 32 years. In addition, Greece is to benefit from the currently extremely low interest rates.

All the measures together could reduce to the ESM calculations, the level of debt in relation to gross domestic product by 2060 by about 20 percentage points. Such long-term calculations are, however, fraught with uncertainties. Finally, the Greek debt amounted to around € 315 billion – about 180 percent of economic output.

Greece

it remains Unclear whether the IMF will participate in future funding for Greece-aid. The monetary Fund wanted to comment on this actually, by the end of the year. So that Dijsselbloem does not expect now. “This will probably happen in the new year,” he said.

The Fund, which is currently involved only as a consultant on the ongoing aid programme, had requested the far-reaching Debt relief for Greece so that the country can in the long term, are economically back on its own two feet. Germany, in particular, to the claims to date is critical.