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EFSF Approves Medium-Term Debt Relief Measures for Greece

22
Nov

EFSF Approves Medium-Term Debt Relief Measures for Greece

EFSF Approves Medium-Term Debt Relief Measures for Greece

Thursday, November 22, 2018 02:36 PM

The Board of Directors of the European Financial Stability Facility approved the implementation of a set of medium-term debt relief measures for Greece, according to a press release.

  • Euro area finance ministers had endorsed the measures in June
  • “We estimate that the total package of medium-term measures agreed by ministers last June should lead to a cumulative reduction of Greece’s debt-to-GDP ratio of around 30 percentage points until 2060,” ESM Managing Director and EFSF CEO Klaus Regling says in statement
  • Measures include deferral of interest and amortisation by 10 years on EU96.4b of EFSF loans to Greece and extension of the maximum weighted average maturity of these loans by 10 years
  • The board also approved the abolition of an annual penalty attached to some of the country’s loans
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