Published: Mon, June 25, 2018
Money | By Armando Alvarado

Greece gets debt relief from euro zone

Greece gets debt relief from euro zone

Eurozone finance ministers have agreed to get Greece out of its bailout program in August as scheduled.

Under the agreement reached by euro area finance ministers in order to ensure the sustainability of the Greek debt load after the expiry of the third bailout this August, Greece will receive a 10-year extension for the repayment of its European Financial Stability Facility (EFSF) loans and an additional 10-year grace period for interest payments. I will think that this is a good compromise, a solid one and that it will allow the Greek economy to recover.

Germany has been one of the main lenders to Greece during its debt crisis and has profited massively. "But at the same time this government will not forget what the Greek people went through in the past eight years", Tsakalotos told reporters.

Shut out of debt markets in 2010, Greece is set to exit its worldwide bailout program formally in August.

"The Greek crisis ends here tonight", said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.

"The Greek government is happy with the agreement", Greek Finance Minister Euclid Tsakalotos said after the talks.

European Commission President Jean-Claude Juncker said the deal "paves way for the successful conclusion of the program and a new chapter for the country".

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Greece's borrowing costs fell to four-week lows on Friday after the country was granted debt relief from the eurozone.

The agreement will end the eight-year debt-relief program for Greece, in which the country received 300 billion euros in three financial assistance programs as agreed in 2010, 2011 and 2015 in exchange for structural reforms and fiscal adjustments.

Greece's post-bailout future may not feel much different from the present, as it will include binding targets, compliance reviews, and even disbursements, according to an internal memo circulated among its creditors.

An activist who urged Greeks not to pay their taxes, claiming he had access to enough money to pay off the country's enormous debt, has been remanded in custody pending trial on criminal fraud charges.

"We believe that the adoption of the set of debt measures agreed by the Eurogroup will improve debt sustainability in the medium term".

The International Monetary Fund, led by the tough-talking Christine Lagarde, welcomed the debt relief, but cited reservations about 's obligations over the long term.

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