EFSF Approves Medium-Term Debt Relief Measures for Greece
(Bloomberg) —
- 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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