“Greece’s reform progress and the imminent completion of the enhanced supervision framework are indications of the country’s economic recovery and normalization,” said the head of the ESM and the EFSF, Klaus Regling, among others.
The Board of Directors of the European Financial Stability Fund (EFSF) decided to eliminate, for the period from January 1 to June 17, 2022, the interest rate increase for a loan that Greece received in 2012.
The decision was taken in the context of the medium-term measures to alleviate the Greek debt after the last positive assessment of the Greek economy by the European institutions. The relief from these measures amounts to 103.3 million euros.
In addition, the ESM transferred on Friday to Greece the amount of 644.42 million euros, which corresponds to profits that Eurozone central banks had from Greek bonds (SMP and ANFA).
O head of the ESM and the EFSF, Klaus Reglingstated:
“Greece has made continuous progress in implementing reforms in the difficult circumstances of the pandemic crisis and the economic impact of the war in Ukraine. The government implemented reforms related to fiscal management, property taxation, the justice system and the Financial Stability Fund. The European institutions positively assessed the completion of Greece’s reform commitments in the first half of 2022, paving the way for this tranche of debt relief measures linked to the above commitments.”
And he added:
“Greece’s reform progress and the imminent completion of the enhanced supervision framework are indications of the country’s economic recovery and normalization. Further efforts must be continued, particularly with regard to financial sector policies, the liquidation of public arrears, primary health care and labor legislation.”
The 2% interest rate hike was related to an €11.3 billion loan that Greece took out from the EFSF under its second program to finance its debt buyback in 2012.
RES-EMP
View the news feed and get the latest news.
