EFSF, ESM Formally Approve Over 970 mln Euros of Debt Relief for Greece

EFSF, ESM Formally Approve Over 970 mln Euros of Debt Relief for Greece

Greek debt relief measures worth more than 970 million euros were activated on Thursday following a decision by EFSF and ESM.
In particular, the Board of Directors of the European Financial Stability Facility (EFSF) approved the return of 103 million euros paid by Greece between January 1 to 17 June 2018, in relation to an interest rate increase in the second loan memorandum the country had signed. It also approved the suspension of a similar increase related to the period June 17, 2018-June 17, 2019, which will save the country 226 million euros. The total benefit to Greece for both decisions amounts to 329 million euros.
At the same time, the European Stability Mechanism (ESM) will reimburse 644.42 million euros from profits earned by European banks on Greek bonds (ANFA and SMP), in agreement with a recent Eurogroup decision.
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