Eurogroup agreement: Ten year debt extension & 15 billion Euro installment

In this manner the third Greek economic program (a.k.a. memorandum) is being completed. However, the post-memorandum era includes tough supervision, and many leading economists believe that the new deal is just a memorandum by another name.

The agreement includes a ten-year extension of the EFSF loans, coupled with an extension of the grace period for the payment of interest rates also for ten years. The installment that Greece will receive will be 15 billion euros. Of this amount, 3.3 billion will be used to buy previous loans, such as those of the IMF.

Eurogroup President Mario Senteno opened the press conference, saying it was a long Eurogroup and that after eight years, Greece would exit this time from the supervision and join the states that have completed the support programs.

The Portuguese president noted that the institutions have confirmed that Greece has completed all 88 prerequisites of the fourth evaluation program and has therefore completed ESM’s third program. “That was it, we have a smooth landing on a very difficult project and there will be no next program,” he said.

Mario Senteno noted that Greece instituted more than 450 legislative actions, which were often very difficult for the Greek people. The importance of Greece was such that after three complete ESM programs, he can not remember a Eurogroup where Greece was not discussed.