Europe and IMF propose different plans for Greek debt relief

Α Decrease font Enlarge font
Europe and IMF propose different plans for Greek debt reliefThe Greek government's international creditors have developed different approaches and proposals for Greece's debt relief

Although there is major optimism about an agreement being reached at Tuesday’s crucial Eurogroup meeting in Brussels, Greece’s European partners and the IMF are making radically different proposals.

The European plan involves using 25 billion euros from the third bailout’s 86 billion euros to pay off early the bilateral loans to Greece (GLF) from the first bailout in 2010. A further 10 billion euros from the profits the ECB and Eurozone central banks generated from Greek bonds (ANFAs and SMPs) will go towards paying off IMF loans from 2018 to 2023.

Europe’s plan also involves extending grace periods on all loans to 2028, while extending repayment deadlines by 10 years. This also entails that the primary surplus will be 2% of the GDP for ten years, rather than the 3.5% rate provided in the current bailout.

On the other hand, the IMF’s proposal aims to reduce the net present value terms of the Greek debt to about 60% of the GDP by 2060. Given the ‘reform fatigue’ in Greece, the Fund argues that the primary surplus targets for the next decade must be 1.5% (compared to the aforementioned European proposal’s 2%).

In essence the IMF is proposing a major extension of the loan deadlines of all three bailouts – 30 years for the first bailout, 14 years for the second bailout and 10 years for the third bailout – in order to reduce Greece’s annual debt service needs.

At the same time the IMF is proposing longer maturity and grace periods for the ESM loans of the third bailout, provided the interest rate does not exceed 1.5% by 2040.

Source:tovima.gr

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

 

Tornos
  1. 29/03 16:44

    3rd edition of 'This is Athens - City Festival' with 250+ events from May 1 until June 2

  2. 29/03 15:53

    Athens Metro station Aghia Varvara to stay closed on Saturday and Sunday

  3. 29/03 11:51

    Clocks to go forward one hour in Greece on Sunday

  4. 28/03 18:41

    Attica Region to channel 640 bln euros to services of vulnerable and disadvantaged groups

  5. 28/03 17:32

    Greece to auction three-month T-bills on April 3, 2024 in a book entry form

  6. 28/03 15:46

    Greece's Meteora Pyli Geopark added to UNESCO Global Geoparks network

  7. 28/03 14:44

    IPTO announces framework agreement tender for undersea power cables in Greece

  8. 28/03 11:49

    IOBE: Construction sector in Greece records robust growth and good prospects

  9. 26/03 23:51

    St. Thomas Hellenic School honors 1821 and the Feast of the Annunciation in NJ

  10. 26/03 21:59

    PM at Economic Club of Canada: Greece is an attractive investment destination

  11. 26/03 17:56

    Greek State budget primary balance reaches a surplus of 3,378 million euros

  12. 26/03 11:45

    Ancient Messene to get upgraded visitors' facilities after approval by Council

  13. 23/03 17:43

    New requirements for 'Golden Visa' program to kick in on March 31

  14. 23/03 16:49

    Athenians continue to head out of the Greek Capital for March 25 long weekend

  15. 23/03 16:47

    Greek Parliament lights to be turned off for Earth Hour 8:30-9:30 pm

  16. 22/03 21:54

    US President on Greek Independence Day: Alliance with Greece stronger than ever

  17. 22/03 19:51

    High diplomacy and geopolitics at Delphi Economic Forum IX in Greece

  18. 22/03 19:32

    Tax authorities enable payments with foreign bank cards in Greece

  19. 22/03 14:19

    Greece to take part in Earth Hour on Saturday

  20. 22/03 00:24

    Greece ranks first on list of countries with fastest business environment progress

  21. 22/03 00:02

    Hellenic Police acquires first electric VAN-type highway patrol vehicle

  22. 21/03 22:41

    Greek Finance Ministry tightens Golden Visa rules

  23. 21/03 15:33

    Unseen Museum presents "The stele of the twin babies" exhibition in Athens

  24. 20/03 22:48

    Health Minister: 95% of Greek hospitals to perform afternoon surgeries

  25. 20/03 21:52

    Greek Deputy Minister of Justice meets delegation from US Embassy in Athens

  26. 20/03 21:44

    Greek Interior Minister to visit United States and Canada on postal vote

  27. 20/03 20:55

    Philadelphia Icarians mark 85th Anniversary and organize Apokriatiko Dance

  28. 20/03 18:01

    Development Minister: We continue the battle against high prices in Greece

  29. 19/03 22:28

    President of the Hellenic Republic meets her Ethiopian counterpart in Athens

  30. 19/03 20:57

    Greek Tourism Minιster meets Hellenic Chamber of Hotels

  31. 19/03 20:25

    FinMIn: Moody’s analysis records significant progress in the Greek economy

  32. 19/03 11:15

    Sector chiefs report: Good news for Greek tourism in 2024 at ITB Berlin

  33. 18/03 22:20

    American Hellenic Educational Progressive Association honors Past Supreme President

  34. 16/03 13:01

    Greek Deputy Foreign Μinister meets her Slovenian counterpart in Athens

  35. 16/03 12:56

    Greek-Canadian Diaspora to welcome Greek Prime Minister to Toronto

  36. 16/03 11:28

    Greek Migration Minister visits refugee hosting facilities in Kavala, Drama and Serres

  37. 15/03 21:50

    Greek Minister announces conference on defence ecosystem in Athens from Lithuania

  38. 15/03 13:45

    PM: More than 80 hospitals and 156 health centres being upgraded in Greece

  39. 15/03 12:55

    Piraeus Port and Genoa Chambers of Commerce ink memorandum of cooperation

  40. 14/03 23:43

    President of Hellenic Republic meets Prime Minister of Slovakia in Bratislava

  41. 14/03 22:58

    American Express report highlights Global Travel Trends during 2024

  42. 14/03 22:52

    Four hospitals in Attica Region already organizing afternoon surgical procedures

  43. 14/03 22:49

    US Ambassador to Athens: More flights from the United States to Greece and Thessaloniki

  44. 14/03 22:43

    Greek archaeologists discover ten ancient shipwrecks off Aegean island of Kasos

  45. 14/03 19:32

    No new intubations for Covid-19 recorded in Greece for the first time

  46. 14/03 18:36

    Extra road safety measures adopted for Greek pre-lent carnival and Clean Monday

  47. 14/03 14:48

    HRADF eyes bidders for Lavrio Port majority share

  48. 14/03 12:54

    Electric buses to be deployed on the streets of Athens and Thessaloniki by May

  49. 13/03 22:23

    Chairman: 2023 was an exceptional one for AEGEAN Airlines

  50. 13/03 20:11

    Prices of basic lenten products either lower or equal to last year's in Greece

  51. 13/03 19:15

    US Ambassador to Athens: Greece secures NATO readiness via Alexandroupolis

  52. 13/03 17:19

    Greece shines at 1st European Cruise Exhibition

  53. 13/03 12:26

    Greece shows new costumes for revamped Olympic Flame-lighting ceremony

  54. 12/03 22:46

    Epirotes Society of Philadelphia ‘Omonia’ organized 16th Annual ‘Tsipourovradia’

  55. 12/03 21:38

    The President of the Hellenic Republic to visit Slovakia on March 13-15

  56. 12/03 20:29

    First afternoon surgeries in Greece kick off at Papageorgiou Hospital in Thessaloniki

  57. 11/03 23:58

    Greek Foreign Minister: We stand behind Montenegro's European perspective

  58. 11/03 23:47

    Visa Express for Turkish citizens to commence on five Greek islands in March

  59. 11/03 19:40

    Amadeus acquires travel payments expert Voxel

  60. 11/03 18:49

    Microsoft Data Center construction kicks off in Spata next to Athens Airport

  61. 11/03 17:53

    Dodecanese Federation marked 76th Anniversary of Unification with Greece

  62. 09/03 22:23

    The future of travel planning is multimodal and interactive

  63. 08/03 14:27

    Prime Minister: Radical change in Greek education and a brave reform for growth

  64. 08/03 14:24

    Traffic restrictions expected in Athens mid-morning to evening on Friday due to protests

  65. 08/03 14:24

    Applications to out-of-court settlement more than doubled in Greece in February

  66. 08/03 13:18

    Metro station 'Maniatika' near Piraeus Port to be closed on Saturday and Sunday

  67. 07/03 14:12

    Athens wins World Travel Award 2024 as the top city-break destination in Europe

  68. 06/03 22:51

    WTTC data show Greece and Portugal lead league for growth in tourist arrivals

  69. 06/03 20:28

    Greek Tourism Minister at ITB: 2024 will be another excellent year for sector

  70. 06/03 19:47

    Greek Foreign Minister to meet UAE Minister of Industry and Technology on Friday

  71. 06/03 18:43

    European Union actions of 274m euros to support cultural heritage in Greece

  72. 06/03 16:37

    'Odontotos' rack railway temporarily stopped until landslides issue is resolved

  73. 06/03 14:40

    Minister: Bringing about the return of Greeks abroad 'a moral duty'

  74. 05/03 14:28

    Archdiocese of America Eparchial Synod to meet on March 14-17 in Florida

  75. 05/03 14:21

    The 'Lent Basket' to be launched in Greece on March 13

  76. 05/03 14:11

    ITB BERLIN 2024 opens with excellent bookings after global rise in travel in 2023

  77. 05/03 12:24

    Greek PM at Athens supermarket: Consumers 'can already see lower prices on the shelf'

  78. 04/03 22:02

    Greek Health Minister: Afternoon surgeries at state hospitals to begin shortly

  79. 04/03 21:47

    Holy Cross Greek Orthodox Whitestone Community marks 49th Anniversary

  80. 04/03 20:27

    Labor chief: Greece to train 500,000 workers in digital, green skills by 2025

  81. 04/03 19:44

    Foreign Ministry to organize event on 'Women, Peace, and Security' on Friday

  82. 04/03 15:12

    Athens Riviera | The summer experience with Athens as a background

  83. 29/02 22:54

    Consumers to see price cuts up to 18.1% in 3,000 Greek supermarket products as of Friday

  84. 29/02 21:44

    Greece and Germany set up Working Group on shipping cooperation

  85. 29/02 21:30

    Wyndham Rewards’ Member Month offers 5 weeks of deals, discounts, and bonus points

  86. 29/02 21:03

    Temple of Poseidon at Sounion near Athens to get new lighting system

  87. 29/02 21:02

    Greek Tourism Minister meets with Ambassador of Qatar

  88. 29/02 20:47

    Greece is represented by 60 firms at GULFOOD 2024 exhibition

  89. 29/02 19:58

    Greek government gives 1+1 month extension for cash register-integrated POS terminals

  90. 29/02 19:49

    Archangel Michael Church Dance Program shines at Folk Dance Festival in SF

  91. 29/02 15:39

    'Renovate-rent' programme to be launched, Minister tells Greek Parliament

  92. 29/02 12:39

    Rio-Antirrio ferry line in central Greece closed due to strong winds

  93. 28/02 21:34

    Weather with heavy rain and storms in Greece as of Sunday night

  94. 28/02 17:31

    CEO: The goal is for PPC to become a leading player in Southeast Europe

  95. 28/02 17:04

    New Wyndham Hotels Market Managing Director of Central and Eastern Europe

  96. 28/02 12:21

    Minister: Transactions with the Greek State will be further simplified in 2024

  97. 28/02 11:57

    24-hour strikes halt trains and ferries in Greece

  98. 27/02 17:25

    UN Tourism hails Saudi Arabia's historic milestone of 100 million tourists

  99. 27/02 15:00

    Greek Prime Minister: Relations with Armenia can become even more productive

  100. 27/02 14:26

    Wyndham: New growth cycle in Greece for the largest hotel chain franchise in the world