European Stability Mechanism Decides Question About Debt Relief for Greece

Forex News

The Eurogroup President, Mario Centeno, said that technical work on measures to alleviate the debt burden of Greece has already begun. Mario Centeno also noted the enormous efforts and good cooperation between the Greek government and creditors in implementing concerted measures for the financial rescue of the country.

The head of the European Stability Mechanism, Klaus Regling, also said that the question of whether a more serious debt relief would be required at the end of the Greek program, for example, the extension of maturities, is currently being considered.

Since 2010, Greece has received three international assistance, and its debt currently stands at 177% of production. The third Greece rescue program ends in August 2018, and the debt relief issue has become an important endpoint. The International Monetary Fund, which financially participated in the first and second rescue programs of Greece, says that to ease the country's exit from the crisis, debt relief is necessary. Germany has long insisted that Greece needs to focus on reforms.