Vladimír Urbánek (Kurzy.cz)
Markets  |  November 27, 2012 10:02:59, updated

Eurozone after 3 years found a recipe for Greek hemlock - gets 34.4 mld.EUR necessary, reduce the interest on loans and postponed interest payments for 10 years


Eurozone finance ministers yesterday found common ground and come up with a universally acceptable solution recipe for Greek questions and the rescue of the euro itself. Ministers decided to ease conditions for rescue loans southern European state. Greece gains in December, another part of the assistance in the amount of 34.4 mld.EUR. Interest on loans decreases, the maturity is extended from 15 to 30 years and there is a ten-year grace period interest. Greece will have to continue to regularly meet the criteria for obtaining individual parts support. Presented plan has the support of the IMF and the ECB.

Greece so far received a total assistance of around 240 mld.EUR including depreciation large part of its commitments to the private sector.

Greek Prime Minister Antonis Samaras called the result of 13-hour negotiations for a "new beginning" for the most indebted European state.

ECB and European nations promised that the profits that will come from their holdings of Greek obligations will be returning back to the rescue of the country. According to the head of the ECB, this decision will contribute to the reduction of the total uncertainty and boost confidence in Europe and Greece.

The plan envisages that the Greek debt will decline from 190% of GDP in 2014 to 124% of GDP in 2020 and 110% in 2022. Greece will have two years more time (in r.2016) to meet deficit reduction to an acceptable level.

German Finance Minister Schaeuble noted that the meeting is not nezaobíral idea to write off debt to the public sector. This topic is completely out of the question. Opposition to this idea now also occupy Finland and the Netherlands.

Besides the above mentioned conditions and actions proposed by Greece also some "incentive" measures in the form of a further reduction in interest rates to help support and increase investment in infrastructure at a time when Greece is recognized budget surplus.

The first installment of the earliest Greek debt are set for March 2013, when Greece will need an additional 9.3 billion euros. To obtain the necessary means Greece must make fairly extensive tax reform.

According to David Marek of Patria Finance with interest claimed decreases would help reduce the debt to GDP in 2020 by 12 to 13 percentage points. Greece will now pay lower interest rates than Italy or Spain and the country basically to help Greece lose in Spain for 15tileté and 30-year bonds yield more valid than 6 percent, 5 percent over Italy, Greece will pay 2.5 percent.
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Eurozóna našla po 3 letech recept na řecký bolehlav - dostane potřebných 34,4 mld.EUR, sníží se úročení půjček a odloží splátky úroků o 10 let

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