Ready to discuss easing Greek debt in 2015, but not haircut

8 November 2015
82 Views

The Eurozone is ready to discuss the further easing of Greece debt within 2015 but not a nominal haircut, the head of the European Stability Mechanism (ESM) Klaus Regling said in an interview with Cyprus’ “Politis” newspaper published on Sunday.

Regling said the Greece’s Prime Minister Alexis Tsipras now has a clear mandate to carry out reforms and that Greece can relaunch a process that was interrupted for nearly a year.

He noted that this interruption was very costly for the Greek economy and this had made the current situation very difficult, because Greece was having to start from a lower base, so that people would once again have to put up with difficult measures.

If Greece carries out the reforms – as it has shown it can do – the country will return to growth and Greeks wills start to feel the benefits, he added.

He noted that Greece’s debt was “not a threat” and that the country’s European partners had already offered huge debt relief, in reality the largest given to any country.

Given that Europe’s financing to Greece was so great and extended up to three decades, the extremely generous borrowing terms (with interest rates around 1 pct) lead to a saving for the Greek budget in excess of 4.5 pct of GDP each year, he said.

You may be interested

Metro station evacuated in Tower Hill, London
WORLD
shares19 views
WORLD
shares19 views

Metro station evacuated in Tower Hill, London

makis - Sep 26, 2017

Tube station has been evacuated after a phone charger exploded on a District Line train. The London Fire Brigade said…

Dimitris Giannakopoulos: PAO Foundation project is over for me
GREECE
shares32 views
GREECE
shares32 views

Dimitris Giannakopoulos: PAO Foundation project is over for me

makis - Sep 26, 2017

Uncertainty over the financial future of Greek football giants Panathinaikos Athens continues, after Dimitris Giannakopoulos, the major shareholder and owner…

Samothraki: Destruction of Biblical proportions after heavy rainfalls
GREECE
shares29 views
GREECE
shares29 views

Samothraki: Destruction of Biblical proportions after heavy rainfalls

makis - Sep 26, 2017

The heavy rain that hit Greece in the late hours of Monday caused serious problems in many parts of the…

Leave a Comment

Your email address will not be published.