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Greece could accept additional bailout funds and debt relief (i.e. bondholder haircuts or principal reductions) in exchange for greater austerity. However, austerity has damaged the economy, deflating wages, destroying jobs and reducing tax receipts, thus making it even harder to pay its debts.
In February 2014, the Troika was reported again to consider offering Greece a third bailout at €15–17bn, but now in conjunction with an additional debt relief for old Troika held debt, through expanding the maturity of the EFSF bonds from 30 to 50 years and lowering the interest rate 0.5% for the initial €80bn debt pile being owed to all ...
As part of that plan, it was proposed that all owners of Greek governmental bonds should "voluntarily" accept a 50% haircut of their bonds (resulting in a debt reduction worth €100bn), and moreover accept interest rates being reduced to only 3.5%. At the time of the summit, this was at first formally accepted by the government banks in Europe.
Greece will make an early repayment of 5 billion euros ($5.3 billion) in bailout-era debt in 2025, Prime Minister Kyriakos Mitsotakis told a banking conference in Athens on Monday, describing the ...
A secret International Monetary Fund study showed Greece needs far more debt relief than European governments have been willing to contemplate so far as fractious ...
If all private investors accepted a debt-buy-back at 30% of face value, [115] it would require the Troika to issue €18.9bn of new debt to finance the transaction, resulting in a net debt reduction for Greece at €44.1bn (equal to a debt-to-GDP ratio decline of 23%).
The SBA would last for 13 month and 12 days, and 1.3 billion SDR (55 percent of the Greek quota) was requested. According to the government, the program would be active when Greece's European partners guaranteed debt relief. [48] [49] The IMF approved a 1.3 billion SBA on principle on 20 July, awaiting assurances of Greece's debt sustainability.
As a result, Greece was granted by the EU a €100bn loan and 50% debt reduction through "private sector involvement" (PSI) as a quid pro quo for future reductions in government spending . [43] The measures included among other 22% cut in minimum wage that goes to €586 from €750 per month.
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