The Board of Directors of the EFSF decided today to eliminate the interest rate increase on loans to the Greek State for the period from June 17, 2021 to January 1, 2022. This is the sixth consecutive interest rate reduction under the medium-term debt relief measures 2018.
This reduction corresponds to an amount of 122.5 million euros, which will be returned to Greece by the EFSF.
In addition, as part of the debt relief measures, the ESM on December 22, 2021 transferred to Greece the amount of 644.42 million, which corresponds to profits made by central banks of the Eurozone from Greek bonds (SMP / ANFA).
“Greece has continued to make progress in implementing reforms in difficult circumstances due to the Covid-19 pandemic. The government has carried out reforms in the area of ​​public finance management, adopted corrective measures against energy monopolies and simplified the investment licensing process. In addition, it has made good progress in the privatization and governance of state-owned enterprises, social welfare and public administration, and the European institutions have considered that Greece has made sufficient progress towards reform commitments in the first half of 2021. This paved the way for the next “The debt relief measures associated with these commitments,” said Klaus Regling, CEO of the ESM and CEO of the EFSF.
He added: “Greece has recovered quickly from the pandemic crisis in 2021, recovering all the losses of the previous year. The prospects for this year and beyond are encouraging thanks to the positive growth dynamics and the impetus from the Recovery Fund. Public debt remains “Highly emphasizing the importance of returning to a strong fiscal position like in the pre-pandemic period. Reform efforts should be continued to improve financial resilience and clear government arrears.”
The total value of all installments of debt relief amounts to almost 5 billion euros.
Source: Capital
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