Greek debt cut by €40bn - EU-IMF

(27 Nov 2012)

In the Irish independent today  it is reported that the EuroZONE finance ministers and the  IMF  agreed to reduce Greece's debt  in a breakthrough to release loans to keep the economy afloat.

After 12 hours of talks at their third meeting in as many weeks, Greece's international lenders agreed on a package of measures to reduce Greek debt by €40 billion, cutting it to 124 percent of gross domestic product by 2020.

It is also reported that to reduce the debt pile, they agreed to cut the interest rate , extend their maturity by 15 years to 30 years, and grant Athens a 10-year interest repayment deferral.


For full report please click on link to Irish independent


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