News
Latest News
news bulletin
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Other News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Beirut
19
o
Mount Lebanon
19
o
Metn
18
o
Keserwan
18
o
North
20
o
South
18
o
Bekaa
12
o
Live
Video
Audio
Schedule
shows
العربية
watching now
Event
SUBSCRIBE
Home
Notification
Live
Video
Audio
shows
Beirut
19
o
Mount Lebanon
19
o
Metn
18
o
Keserwan
18
o
North
20
o
South
18
o
Bekaa
12
o
News
Programs
The News
Breaking Headlines
Israel-Gaza War Updates
Variety and Tech
Sports News
Middle East News
World News
Lebanon News
Press Highlights
Lebanon Economy
News Bulletin Reports
Programs
Documentaries
Lebanon’s Centennial
News Bulletin
The Untold History
Talk Show
Series
Sports
Variety
Other
Comedy
Oldies
Breaking News
Latest News
Highlighted News
Most Read
Videos
العربية
Watch the latest programs and the latest developments on your favorite screen
Shows
Join millions of followers
Who We Are
Contact Us
Advertise With Us
Careers
Channel frequencies
Privacy Policy
Terms and Conditions
Greece gets debt relief from euro zone
Breaking Headlines
2018-06-22 | 03:10
High views
Share
Share
4
min
Greece gets debt relief from euro zone
Euro zone finance ministers on Friday extended maturities and deferred interest of a major part of their loans to Greece along with a big cash injection to ensure Athens can stand on its own feet after it exits its bailout in August.
Greece has been living primarily on money borrowed from euro zone governments in three bailouts since 2010, when it lost market access because of a ballooning budget deficit, huge public debt and an inefficient economy and welfare system.
With hundreds of reforms requested by its creditors already completed, Greece has made significant progress, but to lend to it again, investors need to know it will not collapse under the weight of servicing a debt of 180 percent of GDP.
"After eight long years, Greece will finally be graduating from its financial assistance," the chairman of euro zone finance ministers Mario Centeno told a news conference in the small hours of Friday after hours of negotiations of the deal.
"Further debt relief was needed to make Greek debt sustainable in the future," he said.
Finance Ministers Euclid Tsakalotos told reporters the deal made Greek debt viable again and paved the way for a return to market financing.
"The Greek government is happy with this deal," he said.
The key element of the debt relief is an extension of maturities and grace periods on 96.9 billion euros of loans granted to Greece under the second bailout by 10 years to smooth out any sharp debt servicing peaks for decades ahead.
Greece will also get a 15 billion euro new loan, which will take the total cash buffer with which it will leave the bailout on Aug 20 to 24.1 billion. This will give it independence form market borrowing for some 22 months, euro zone ministers said in a statement.
Athens faces bond repayments of around 7 percent of its output next year, the first after its third bailout ends in August. For more details of Greece's outstanding debt, check this graph: https://tmsnrt.rs/2JYhBYS.
The extension of maturities and deferral of interest and amortization payments are to reassure investors that Greece can handle servicing its debt long into the future -- a confidence booster needed all the more amid growing market concerns over looming trade wars and rising eurosceptism.
"The problem of the Greek debt is behind us now," France's Finance Minister Bruno Le Maire told reporters.
To provide an incentive for future governments in Athens not to reverse the hard won reforms implemented under the bailouts, euro zone ministers agreed to offer Greece cash payments of 600 million euros every six months until 2022 if the country sticks to the economic course agreed with creditors.
The money will come from profits made by euro zone central banks on their holdings of Greek bonds that will gradually mature over the next four years.
The International Monetary Fund welcomed the deal saying it would improve Greek debt sustainability in the medium term.
But IMF Managing Director Christine Lagarde said the Fund maintained some reservations about it in the very long term, when assessed until 2060 and therefore welcomed the readiness of the euro zone to do more if an adverse economic scenario were to materialize over the coming decades.
European Central Bank President Mario Draghi also noted the deal improved Greek debt sustainability over the medium-term and welcomed the option of further relief should it be needed.
Unlike the first two Greek bailouts, the IMF did not join the latest Greek program with it its own loans, but will continue to monitor Greece's performance alongside the euro zone.
REUTERS
Breaking Headlines
Greece
Debt
Next
Grand Mufti Derian travels to Saudi Arabia for Hajj
Recommended For You
d-none hideMe
0
Breaking Headlines
2024-05-01
War casualty update: Israeli army reports 3,330 injuries, 1,602 during ground ops
Breaking Headlines
2024-05-01
War casualty update: Israeli army reports 3,330 injuries, 1,602 during ground ops
0
Middle East News
2024-04-25
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
Middle East News
2024-04-25
Over 430 settlers storm Al-Aqsa Mosque on third day of Passover holiday: Al Jazeera reports
0
Lebanon News
2024-04-23
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
Lebanon News
2024-04-23
Hezbollah announces launching 'dozens of rockets' at Israel in response to civilian deaths
0
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
Lebanon News
2024-04-21
Breaking: Israeli airstrike hits Naqoura, reports NNA
Subscribe to our VOD
SUBSCRIBE
Our visitors readings
d-none hideMe
0
Lebanon News
2024-05-01
ISF arrests six individuals, including notorious minors on TikTok, after reports of sexual assaults
Lebanon News
2024-05-01
ISF arrests six individuals, including notorious minors on TikTok, after reports of sexual assaults
0
Middle East News
2024-05-03
Islamic Resistance in Iraq attacks two targets in Israel
Middle East News
2024-05-03
Islamic Resistance in Iraq attacks two targets in Israel
0
News Bulletin Reports
2023-10-07
Understanding the Gaza Envelope: A region shaped by history and clashes
News Bulletin Reports
2023-10-07
Understanding the Gaza Envelope: A region shaped by history and clashes
0
Middle East News
2023-11-16
International Court of Justice orders Syria to halt torture program
Middle East News
2023-11-16
International Court of Justice orders Syria to halt torture program
Videos
d-none hideMe
0
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
Lebanon News
2024-04-30
University Students Organize Solidarity Protest for Palestine (VIDEO)
0
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
Lebanon News
2023-12-11
Breaking: Israel launches raid north of Litani on Monday (Video)
0
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
Lebanon News
2023-11-02
Exclusive to LBCI: U.S. State Department's Wooster Stresses Lebanon Must Avoid War, Sees Renewed Push for Two-State Solution
0
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
Lebanon News
2023-10-18
Protests Erupt near US Embassy in Awkar Against Israeli Attacks on Al-Maamadani Hospital in Gaza
0
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
Lebanon News
2023-10-05
ATFL's Ambassador Edward Gabriel on Navigating Through Economic, Political, and Refugee Crises
0
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
Sports News
2023-08-31
Amir Saoud Powers Lebanon to Victory Over Cote d'Ivoire: A Deep Dive Into The Numbers
0
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
Sports News
2023-08-29
France Edges Past Lebanon in a Nail-Biter at FIBA World Cup 2023: A Statistical Deep Dive
0
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Lebanon News
2019-02-28
Pierre el-Daher, the man who defeated the Lebanese Forces
Most read
d-none hideMe
24 hours
7 days
Month
1
Lebanon News
06:15
Bassil criticizes seasonal migration to Europe and the one-billion-euro aid package for Lebanon
Lebanon News
06:15
Bassil criticizes seasonal migration to Europe and the one-billion-euro aid package for Lebanon
2
Lebanon News
05:43
Salem Zahran on LBCI deciphers the French paper and its ramifications
Lebanon News
05:43
Salem Zahran on LBCI deciphers the French paper and its ramifications
3
Israel-Gaza War Updates
00:56
Blinken: The sole obstacle to Gaza ceasefire is Hamas
Israel-Gaza War Updates
00:56
Blinken: The sole obstacle to Gaza ceasefire is Hamas
4
Middle East News
10:23
British-Palestinian surgeon Ghassan Abu Sitta denied entry into France
Middle East News
10:23
British-Palestinian surgeon Ghassan Abu Sitta denied entry into France
5
Israel-Gaza War Updates
08:00
Qatar considers future of Hamas office in Doha and whether to keep mediating
Israel-Gaza War Updates
08:00
Qatar considers future of Hamas office in Doha and whether to keep mediating
6
News Bulletin Reports
12:24
Deadline set: Israel gives Hamas one week to respond to prisoner exchange proposal
News Bulletin Reports
12:24
Deadline set: Israel gives Hamas one week to respond to prisoner exchange proposal
7
Israel-Gaza War Updates
05:50
Gaza Health Ministry: 34,654 Palestinian killed in Israeli attacks on Gaza since Oct. 7
Israel-Gaza War Updates
05:50
Gaza Health Ministry: 34,654 Palestinian killed in Israeli attacks on Gaza since Oct. 7
8
News Bulletin Reports
12:30
Tackling online harassment: Protecting children in the digital world
News Bulletin Reports
12:30
Tackling online harassment: Protecting children in the digital world
Download now the LBCI mobile app
To see the latest news, the latest daily programs in Lebanon and the world
Google Play
App Store
We use
cookies
We use
cookies
to make
your experience on this
website better.
Accept
Learn More