The boards of the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) have approved the unblocking of short-term debt relief measures for Greece, the ESM announced on Monday.
In a statement after the board meetings, ESM Managing Director Klaus Regling said the measures were “a significant step toward improving the sustainability of Greece’s debt.” If the short-term measures are fully implemented, he forecast that Greece’s debt to GDP ratio will be reduced by approximately 20 percentage points by 2060. The country’s net financing needs are likewise expected to fall by approximately 5 percentage points in that time, he said.
Regling noted that the short-term debt relief measures for Greece did not involve any “budgetary implications” for ESM member-states and will substantially ease Greece’s debt.
He also noted, however, that the success of the Greek programme depends on the constant implementation of reforms by the Greek government.
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