Global EditionASIA 中文雙語Fran?ais
World
Home / World / Europe

Eurozone agrees on deal to end Greece's bailout

Xinhua | Updated: 2018-06-22 19:32
Share
Share - WeChat

BRUSSELS - Eurozone financial ministers have agreed to complete the eight-year bailout program for Greece, including debt relief and a big cash payout for Greece, Eurogroup President Mario Centeno announced in the early hours of Friday.

Greece's third bailout is due to end in August. The 19-nation eurozone's financial ministers gathered in Luxembourg debating how to alleviate Greece's burden of repayment on debts.

Suffering from financial crisis, Greece has had to rely on three bailouts since 2010, totaling 320 billion euros ($372 billion). The latest bailout, totaling 86 billion euros under the European Stability Mechanism (ESM) was granted in 2015. And Greece in return has to deliver more than 450 reforms.

"After eight long years, Greece will finally be graduating from its financial assistance... A success story of program implementation," Centeno told reporters.

"This is it. We have managed to deliver a soft landing of this long and difficult adjustment," he added.

"Today the institutions confirmed Greece has implemented all the 88 prior actions under the fourth and final review. This shows Greece has successfully completed its European Stability Mechanism (ESM) program," said the president, adding there will be no follow-up program in Greece.

"It took a bit longer than we expected, but ended in a very good way... To make this worthwhile we have to make sure that the Greek people see concrete results... they need to feel the change in their own pockets," Greek Finance Minister Euclid Tsakalotos said.

DEBT RELIEF

To keep the country's debt at a sustainable level, the eurozone finance ministers has agreed on a debt relief package. This includes substantial upfront measures such as a ten-year extension on the European Financial Stability Facility (EFSF) loans and ten year deferral on interest and amortization.

Altogether, Greece had already received 275 billion euros in financial assistance from its international creditors in three separate bailouts in the past eight years. And Greece has adopted over 450 policy actions during The ESM program alone, often including hardship for the population. "There have been enormous sacrifices," EU commissioner Pierre Moscovici said.

"Debt sustainability analysis provided by the institutions showed that further debt relief was needed to make Greek debt sustainable in the future," Centeno said.

The debt relief package will allow Greece to return to market financing, issuing bonds across the maturity curve.

CASH PAYOUT

The eurozone finance ministers also mandated the ESM to disburse 15 billion euros to Greece as the last program tranche, subject to the completion of national procedures.

To guard against any foreseeable risk, Greece will be left with 24.1 billion euros cash buffer in the next 24 months.

POST-PROGRAM SURVEILLANCE

After the exit of bailout program in August, Greece was still under post-program surveillance, which will enable closer monitoring of the economic, fiscal and financial situation of Greece and the post program policy commitments. It aims to make sure Greece is meeting fiscal targets for several years to come.

Greece is committed to preserving its program achievements. This includes completing the reforms that were enacted under the program and continue to implement further reforms, with the aim of increasing its growth potential.

"We call this ownership -- and it is key to secure Greece's immediate future and to maintain investor confidence in the Greek economy," said Centeno.

The International Monetary Fund (IMF) has confirmed its continued involvement in Greece in the post-program surveillance framework alongside the European Institutions.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
主站蜘蛛池模板: 亚洲国产欧美日韩一区二区三区| 国产又黄又刺激又爽视频黄| 健身私教弄了好多次| 免费视频www| 天天射天天干天天操| 久久天天躁狠狠躁夜夜网站| 波多野结衣一级片| 国产a国产片色老头| 男女一进一出猛进式抽搐视频| 好男人视频社区精品免费| 久久国产视频精品| 欧美日韩精品在线| 免费观看中文字幕| 青青操在线免费观看| 国产精品无码dvd在线观看| 一个人看的www在线高清小说| 日本爱恋电影在线观看视频| 又大又粗又爽a级毛片免费看| 69堂午夜精品视频在线| 天天爽夜夜爽夜夜爽| 久久久久99精品成人片| 欧美乱子伦一区二区三区| 他强行给我开了苞| 亚洲精品你懂的| 天堂中文8资源在线8| 中文织田真子中文字幕| 最近最新中文字幕免费的一页| 亚洲精品国产福利一二区| 红色一片免费高清影视| 国产婷婷综合在线视频中| 一女多男np疯狂伦交| 日本视频免费在线| 亚洲免费一级片| 波多野结衣被躁五十分钟视频| 可以免费观看的毛片| 高清一级做a爱免费视| 尹人香蕉久久99天天| 久久午夜国产片| 欧美zoozzooz在线观看| 亚洲特级aaaaaa毛片| 痴汉の电梯在线播放|