ESM head rules out restructuring of Greek debt.
- Written by E.Tsiliopoulos
In an interview with Germany's Der Spiegel magazine, Klaus Regling - who heads the European Stability Mechanism (ESM), Greece's largest creditor with 133 billion euros in 30-year loans already disbursed at an interest rate of 1.5 percent, is quoted as saying "there will be no debt restructuring."
"The interest on these loans was deferred for the next 10 years. All this equals a debt restructuring, from an economic point of view," Regling is quoted as saying.
He added that it is unlikely that the country's other creditors would be open to changes in Greece's agreement, as the International Monetary Fund that has contributed 27.2 billion euros to Greece's bailout is not allowed to lower its interest rate.
"There may be some little room for manoeuver in the bilateral loans from the first bailout package. But that is up to eurozone member states to decide - they are the creditors there," Regling said, according to EU Observer.
Related items
-
Arrest of a 68-year-old in Komotini who had the title Vor V Zakone of the Russian mafia, pistol and grenade found
-
Secret meeting of Greek and Turkish intelligence chiefs in Athens
-
Mitsotakis backs Germany after Russia blamed for drone attack attempt on Leipzig Airport
-
AFP report from Imbros & Tenedos: Hundreds of Greeks have returned, but the Greek presence remains fragile
-
Kypseli Horror: Frozen Baby’s Death Investigated as Homicide
Latest from E.Tsiliopoulos
- Arrest of a 68-year-old in Komotini who had the title Vor V Zakone of the Russian mafia, pistol and grenade found
- Secret meeting of Greek and Turkish intelligence chiefs in Athens
- Mitsotakis backs Germany after Russia blamed for drone attack attempt on Leipzig Airport
- AFP report from Imbros & Tenedos: Hundreds of Greeks have returned, but the Greek presence remains fragile
- Kypseli Horror: Frozen Baby’s Death Investigated as Homicide