The European Stability Mechanism (ESM) approved the disbursement of profits from Greek bonds, amounting to 644.42 million euros that had been withheld by central European banks, in the context of Greek debt relief measures.
The Governing Council of the European Financial Stability Facility (EFSF) decided to proceed with the move, in the context of the decisions of the Eurogroup, seeing that Greece has implemented important reforms.
“Greece has made progress in implementing reforms in the difficult conditions of the Covid-19 pandemic. The government has carried out a major reform on the issue of non-performing loans. The European institutions (Eurogroup) issued a positive assessment of the completion of Greece’s reform commitments in the second half of 2020. This paved the way for the next installment of debt relief measures related to these commitments,” said ESA / EFSF CEO Klaus Regling.
At the same time, the EFSF decided to reduce to zero the margin for raising interest rates for Greece for the period from 1 January to 17 June 2021, as part of the medium-term debt relief measures agreed for the country in 2018. The value of this fifth consecutive reduction is 103.3 million euros and will be returned to Greece by the EFSF.
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