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EFSF Approves Reduction of Greece’s Step-up Interest Margin

2
May

EFSF Approves Reduction of Greece’s Step-up Interest Margin

By Paul Tugwell

(Bloomberg) — European Financial Stability Facility decided today to reimburse the EU103m step-up margin paid by Greece for the period between Jan. 1 and June 17, 2018, according to statement on EFSF website.

EFSF also decided, for period between June 17 2018 and June 17 2019, to reduce to zero the 2% step-up margin that would otherwise be payable on certain EFSF loans

This will save Greece EU226m, while Greece’s total benefit related to these decisions will amount to EU329m

ESM will make transfer of amounts equivalent to the income earned on SMP/ANFA holdings, amounting to EU644.4m

NOTE: April 3, Greece Clears Debt-Relief Cash Hurdle With EU Commission

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