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> Economy

“La Croix” newspaper states that Greece will be paying off interest until 2020

"The country's financial situation has significantly improved in 2013"

Newsroom May 7 06:12

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French newspaper “La Croix” speaks of “positive steps achieved” in Greece, such as “the primary surplus and this year’s expected growth”, in an article.

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A new Greek debt relief will be considered until the end of the year, according to the newspaper.

Columnist Marie Dancer notes that “Greece is one of the rare countries in Europe, along with Germany and Italy, who have achieved a primary surplus”. According to estimates by BNP Paribas economist Thibault Mercier, whose views are mentioned in the article, “the financial situation of the country has significantly improved in 2013”. On debt, he notes that “Greece will not be repaying principal by 2020, but interest, buying itself some time”. He also projects that Athens will avoid a new help package.

Also mentioned in the article is the fact that “in 2012, loans were lengthened from 17 to 30 years, while Greece asked for a time elongation of a total of 60 or 70 years. Europeans are ready to accept 50”. There is also talk about the investment program that Europe is preparing in Greece, co-funded by the Greek state, which amounts to 19 billion euros and could further spur the country’s development onwards.

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