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
Direct, indirect tax collection beats targets for Q1 2017; VAT remittances slumpPanos - Apr 25, 2017
Tax revenues exceeded a first-quarter 2017 target by 228 million euros, reaching 9.516 billion euros in total. Based on Greek…
Guardian writer obsessed with LerosPanos - Apr 25, 2017
British newspaper Guardian’s writer Hannah Jane Parkinson writes a piece entitled “Island hopping in Greece’s Dodecanese”, where she explains why…
Energy issues on agenda of creditors’ reps in Athens on Tues.Panos - Apr 25, 2017
Creditors' top auditors and negotiators return to Athens on Tuesday for high-level talks aimed at finally concluding the second review…