Eurozone agrees deal to pave way for end to Greece's bailout

25 June, 2018, 09:29 | Author: Frank Williams
  • After €300 billion in aid, Greece will exit its bailout on shaky ground

Germany has earned some 2.9 billion euros ($3.5 billion) since 2010 on Greek debt bought to help the struggling country, a government report seen by AFP showed Thursday.

We consider that debt is now viable, we can now have access to the markets.

"Together with the build-up of a cash reserve, this form of debt relief ensures that Greece won't need significant market access while its borrowing costs remain prohibitive".

Shut out of debt markets in 2010, Greece is set to exit its global bailout program formally in August.

"The accepted criteria for all sides is that this solution be convincing for markets and embed the creditworthiness of our country - the final act in restoring the credibility of Greece to be able to plan for the next day like any ordinary country", Tzanakopoulos told a news briefing. He said soon after being elected that he would only wear one when Greece had settled its debt problems.

"Tomorrow we are expecting a decision for the adjustment of Greece's debt which will mark the end of an ordeal for Greece, and the end of austerity", Greek Prime Minister Alexis Tsipras said in Athens on Wednesday. Athens will have to undergo quarterly reviews of its finances (more frequent than during the bailouts) and adhere to strict budget constraints.

More news: Brexit Bill clears Parliament after May heads off backbench revolt

In addition, the Euro group gave the green light to release to Athens a 15 billion euros (17.4 billion USA dollars) final loan installment of the 86 billion euro package sealed three years ago, which will be used to cover some of its debts to the International Monetary Fund and the European Central Bank.

The agreement is an important turning point for the eurozone almost a decade after Greece stunned the world with out-of-control spending and sparked three bailouts and a near collapse of the euro single currency.

"I think it is the end of the Greek crisis", Tsakalotos said in Luxembourg early Friday.

"But there are some reforms where there needs to be deep follow-up going forward", the source said.

As a result Greek debt stock was cut by about 107 billion euros. For the last four years, the money has stayed in Germany.

"The additional debt relief measures announced today will mitigate Greece medium-term financing risks and improve medium term debt prospects", the International Monetary Fund's managing director Christine Lagarde told a news conference.

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