Monday, December 5, 2016

Greece: Eurogroup approves Debt relief – MIRROR ONLINE

The Euro-partners have improved the credit terms for Greece. The help could be according to ESM chief Regling significantly.

Euro group chief Dijsselbloem


Euro group chief Dijsselbloem

The Euro-partners will help Greece with a package for better debt management. The Finance Ministers of the Eurozone countries approved on Monday evening a number of measures to reduce in the coming decades, risks associated with increases in Interest rates and in part, the maturities of the debt extend.

Since 2010, Greece has been of international loans. For the third utility in the amount of up to 86 billion euros, the Greek government and the money had been agreed by donors on a comprehensive reform program until 2018. What measures could then be taken is still not in sight, said Euro group chief Jeroen Dijsselbloem.

the basis for The present concessions of the Euro-Ministers of Finance had already been in may be placed, said Dijsselbloem. The European stability mechanism (ESM) have now submitted Details which were approved by the Ministers. These were 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.

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, however, are uncertain. Finally, the Greek sovereign debt amounted to approximately 315 billion euros – about 180 percent of economic output.

it is Unclear yet when the International monetary Fund (IMF) will decide on a participation in the Greek program. The IMF wanted to comment on this actually, by the end of the year – so that Dijsselbloem does not expect.

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.


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