ESM prepares to ease Greek national debt
The European Stability Mechanism (ESM) is set to implement short-term measures to ease Greece’s national debt by the end of January, as agreed at a December 5 Eurogroup meeting. To this end, the ESM will borrow more funds from the markets than originally planned.
The revised plan for long-term bond issues within 2017 provides for a 14 percent increase on the amount in the original plan, in order to cover the liquidity requirements related to lightening the Greek debt. However, the size of the ESM loan issue has not yet been determined.
ESM Secretary-General Kalin Anev Janse said in an interview with Dow Jones Newswires on Tuesday, “If there is a reason to change the volume of bond issue in the future, we will change it.” Taking into account that all short-term measures to ease the Greek debt will be implemented this year, the ESM’s target for the issue of long-term debt in 2017 amounts to 57 billion euros.
According to the plan drafted by the ESM and Greece’s Public Debt Management Agency (PDMA) on the short-term measures, the lightening of the debt to stem from their application in the long run is estimated at 40 billion euros, or 21 percent of gross domestic product.
You may be interested
The full IMF programme for Greecemakis - Jul 21, 2017
The IMF published its new programme on Greece on Thursday, which was approved on principle by the organisation’s board of…
President Pavlopoulos extends support to Kos Mayormakis - Jul 21, 2017
The President of the Hellenic Republic, Prokopis Pavlopoulos expressed his deepest sorrow for the victims of the Kos earthquake in…
Kos earthquake: Turkish victim identified as Sinan Kurtoglumakis - Jul 21, 2017
The name of the Turkish national killed in the earthquake on the island of Kos is Sinan Kurtoglu. According to…