Greek Financial Markets Rally on Debt Relief Deal

Eurogroup Berlin

In addition, he said, a ten-year extension was granted for the repayment of EFSF loans, with a ten-year grace period.

They also agreed to disburse 15 billion euros ($17.5 billion) to ease Greece's exit from its rescue program.

"A new chapter is opening for the country, but that does not mean that we should abandon the prudent path of fiscal balance and structural reforms our country needs", Tsipras said in statements broadcast live on Greek public broadcaster ERT.

The agreement is an important turning point for the eurozone almost a decade after Greece stunned the world with out-of-control spending and sparked three bailouts and a near collapse of the euro single currency.

The European Union and other worldwide creditors have provided the country with 270 billion euros, or 320 billion dollars, in financial support since 2010 in return for stringent budget austerity programs.

"We commend Greece and its European partners on the completion of the fourth and final review under the European Stability Mechanism (ESM) program".

The deal was expected to be an easy one, but last-minute resistance by Germany - Greece's biggest creditor - on debt relief dragged the talks on for six hours.

Tensions rise in Brazil squad after Neymar insults his own teammate
The Paris Saint-Germain attacker's anger during the match even spilled over towards his teammates, too, it seems. I returned the ball because it was not this ball that was going to win us the game.

Greece will also receive an additional €15 billion on repayment of some more-expensive International Monetary Fund loans, as well as to create a cash buffer so that it could meet financing needs in the next two years.

The additional debt relief measures announced today will mitigate Greece's medium-term refinancing risks and improve its medium-term debt prospects, both of which are very welcome results.

Opposite the hardliners were France and the European Central Bank, which argued that reduced debt was crucial in order for Greece to gain the trust of the markets.

"The Greek crisis ends here tonight", said EU Economic Affairs Commissioner Pierre Moscovici, after the marathon talks in Luxembourg.

However, the key part of the agreement are the relief measures that should allow the Greek debt, which is close to 180 per cent of GDP, to be sustainable and the markets to regain confidence in Athens' ability to honour their commitments.

"But we should collectively find a way to alleviate the debt, either by extending the maturities of existing loans or by buying back the most expensive ones", he said. Although the Fund's own Stand-By Arrangement can no longer be activated, the IMF confirmed its continued involvement in Greece in the post-program surveillance framework alongside the European Institutions.

Related News:



Most liked

Here’s Only Thing That Could Keep LeBron James With Cavs
What makes this piece of clothing even more valuable is the fact that it may be one of the last Cavaliers jersey James ever wore. And it's rare that teams have a chance to sign the best player in the world.

Erdogan expects Turkey’s development level to reach the levels of Russia, US
Critics say it will further erode democracy in the North Atlantic Treaty Organisation member state and entrench one-man rule. If the party passes the threshold, it could cost the "People Alliance" dozens of seats.

France Takes On Italy, Calls For Sanctions Against Countries Refusing Migrants
It has fueled tensions among member states, and anti-migrant parties have won votes by fomenting public fears of foreigners. According to her, the reform of the Eurozone was the most hard issue in their with Macron negotiations.

Phoenix select Ayton first in NBA Draft, Dallas get Doncic at third
According to a report from Tim MacMahon , the Mavericks are planning to keep Doncic out of Las Vegas Summer League next month. I have a feeling some players will be a lot less kind than Iguodala when talking about his mother.

'Game of Thrones' actors Kit Harrington and Rose Leslie marry in Scotland
The couple - who played on-screen lovers Jon Snow and Ygritte - met on the fantasy show in 2012. Actress Malin Ackerman and Mumford and Sons' Marcus Mumford were also among the attendees.

OPEC meets Russian Federation and allies to agree oil output boost
How that translates into effective production increases is uncertain, as some OPEC countries can not easily ramp up production. That means the country has little to gain from a deal to raise OPEC output, unlike top oil exporter Saudi Arabia.

Colombia leave James decision for World Cup opener until last minute
Colombia made a nightmare start to their campaign when Carlos Sanchez was dismissed in the first three minutes for handling a shot by Shinji Kagawa after some poor defending.

Dustin Johnson's US Open hopes fade on back 9
At the time Fleetwood posted, Koepka was 1 over and had to preserve par over 12 holes to maintain his lead. However, playing with the lead at the start of the final round meant that Koepka was under pressure.

Jogger accidentally crosses into the US border from British Columbia
According to the Province , the Canadian-U.S. border "isn't marked in the traditional way". As she turned to head back to visit her mother who lives in British Columbia, two U.S.

Neymar speaks in why he cried after scoring
With a match still to be played between Serbia and Switzerland, it is unknown just yet what position Brazil will be playing for. Brazil did eventually win the game, which ended with Neymar in tears: "It's normal that Neymar needs to let off steam".

Game of Thrones couple to tie the knot in real life
Traditionally, the weddings on Game of Thrones have been bloody affairs filled with stabbings, poisonings, and betrayal. Actor Peter Dinklage , who plays character Tyrion Lannister, blew a kiss at the crowd as he walked into the churchyard.

Donald Trump explains Melania’s ‘I really don’t care’ jacket
Interestingly, when she landed back, the photographers were also given full view of the offending Olive-Green colour accessory. As of Friday morning, Wildfang tweeted that they had raised $15,000 thus far for RAICES , but they would like to reach $50,000.

Instagram Launches a New App Called IGTV for Long-Form Video
Since that's "how you actually use your phone ", you won't have to turn that big screen in order to consume IGTV . However, brands are able to create their own channels just like any other person with an Instagram account.

Predicting ants back England to beat Panama in Sunday match
Gary Lineker described their performance the other night as exceptional. "They need to keep their feet on the ground". There's no drama for me about it". "So of course our media has to decide whether they want to help the team or not.

Priyanka Chopra, Nick Jonas walk hand-in-hand for dinner date
Jonas and Chopra were seen holding hands as she led the way through photographers and the many, many fans that gathered outside. After months of rumors and speculations, Nick Jonas has finally dropped a hint about his relationship with Priyanka Chopra .