ESM and EFSF approve short-term debt relief measures for Greece

Tuesday, January 24th, 2017
Last Update: 14:30

The ESM and HFSF BoDs adopted on 23Jan’17 the rules implementing a set of short-term debt relief measures for Greece.

The measures are designed to reduce interest rate risk for Greece, including by exchanging some debt to fixed from floating rates, and to ease the country’s repayment burden.

The ESM Board of Governors approved the measures in a written procedure concluded on 20Jan’17.ESM MD Mr. Regling said that “The measures approved by the governing bodies of the ESM and EFSF are an important step towards improving Greek debt sustainability. We estimate that when implemented in full, they should lead to a cumulative reduction of Greece’s debt-to-GDP ratio of around 20 percentage points until 2060. We also expect Greece’s gross financing needs to fall by almost five percentage points in the same time horizon. This substantial debt relief carries no budgetary implications for ESM Member States. The ESM and EFSF short-term measures will ease Greece’s debt burden, but the ultimate success of the programme lies in the continued implementation of reforms by the Greek government.”

See Also:

Thank you for contacting

Thank you for your enquiry to Villas, in partnership with ISV. Our Villa Experts will get back to you very soon with more information on your Greece villa holiday!

The contact form was not sent. Please contact us via email at [email protected]

All form fields are required.

If you want to add, edit or delete a Business page, CLICK HERE to create a Account