Eurozone countries on Friday agreed on a plan to help get Greece out of its eight-year-long bailout programme and reduce its public debt. Greece has already received €275 billion (Rs 21.78 lakh crore) from its international creditors since 2010.
Finance ministers of 19 Eurozone countries reached a deal on Friday that will enable Greece to emerge out of its third bailout programme by August 20 and enter the European market again, The Guardian reported.
“After eight long years, Greece will finally be graduating from its financial assistance,” Eurogroup Chairperson Mario Centeno said, according to Reuters. “Further debt relief was needed to make Greek debt sustainable in the future.”
Greek Finance Minister Euclid Tsakalotos said the government was happy with the deal.
The key part of the plan is an extension of maturities and grace periods on €96.9 billion (Rs 7.61 lakh crore) worth of loans granted to Greece under the second bailout programme. Athens will also get a new loan of €15 billion (Rs 1.18 lakh crore).
The eurozone ministers also agreed to offer Greece cash payments of €600 million (Rs 4,740 crore) every six months until 2022 if it sticks to the economic methods it has promised its creditors.