Eurozone gets deal to pave way for end to Greece’s bailout
Eurozone gets deal to pave way for end to Greece’s bailout
Winner winner chicken dinner: Germany makes €3 billion from Greece's financial crisis
24 June, 2018, 19:15
The European Union and other global creditors have provided the country with 270 billion euros, or 320 billion dollars, in financial support since 2010 in return for stringent budget austerity programs.
Eurozone states declared the severe debt crisis that has weighed heavy on the country since 2010 to be over, allowing Athens to escape some of the supervision of its creditors from August. A deal to ease Greek debt has always been seen as a key ingredient in the country's successful return to economic health and foray back into financial markets. The yield on Greece's benchmark 10-year bond eased 0.2 percentage points to 4.1 percent.
Eurozone President and Portuguese Finance Minister Mario Centeno said at a press conference shortly after the meeting "after eight long years Greece will finally be graduating from its financial assistance".
The agreement concluded by finance ministers from fellow members of the 19-member eurozone grants Greece a ten-year extension in repaying a large chunk of its crippling debt load. Greece will be monitored on a quarterly basis, echoing the supervision of the bailout years.
"I think that this is the final agreement that we expected on the question of Greek debt".
"We will ensure that the pressure to implement further reforms remains strong.in the medium and long term", said Austrian Finance Minister Hartwig Loger. Green deputy Sven-Christian Kindler said, "Contrary to all the myths spread by people on the right, Germany has profited massively from the crisis in Greece", according to The Local.
Greece's ability to finance itself after the end of its third bailout was a key concern.
"We will examine the sustainability of Greece's debt in the course of our upcoming Article IV Consultation with Greece, which starts next week".
European Economic and Financial Affairs Commissioner Pierre Moscovici spoke of a "historical moment for Greece" and said a new chapter was beginning for the country. The money will be used to reduce gross financing needs or to finance other agreed investments, and will be conditional on Greece sticking to the agreed implementation of reforms.
This, Greek officials said, might even be used to pay off the country's debts to the International Monetary Fund earlier than planned.
While loan write-offs are not under consideration, euro zone ministers are considering extending maturities and grace periods by up to 15 years on the 130 billion euros extended to Greece under its second bailout.
"Obviously we would have been much happier with a lower fiscal surplus", Tsakalotos said.
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