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

8 November 2015
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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.

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