Greece's Creditors Are Said to Plan Post-Bailout Commitments


Greece's political leadership warmly welcomed on Friday Eurogroup's "historic decision" on the Greek debt, which opens the way for the exit from the bailouts era this summer after eight years of debt crisis.

Greece will also receive an additional €15 billion on repayment of some more-expensive International Monetary Fund loans, as well as to create a cash buffer so that it could meet financing needs in the next two years.

"It seems signs that European Union policymakers are willing to come together to afford debt relief to Greece is a positive punctuation in what has been an otherwise gloomy period".

"But there are some reforms where there needs to be deep follow-up going forward", the source said. "This is it, we have managed to deliver a soft landing of this long and hard adjustment".

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"I am happy", Greek Finance Minister Euclid Tsakalotos said after the talks.

European Economic and Financial Affairs Commissioner Pierre Moscovici spoke of a "historical moment for Greece" and said a new chapter was beginning for the country. "A surplus of 3.5 percent to 2022 and 2.2 percent (on average) to 2060 is not easy at all", Kostas Boukas, asset management director at Beta Securities, told Athens 9,84 radio.

But while the news undoubtedly bolstered Greek government bonds, it also seemed to contribute to buying of other Southern European debt, which has had a rough ride in recent weeks on concerns over Italian and German politics.

Centeno said that under the deal, Greece could delay back repayment on billions in loans by 10 years, giving it a financial breather, while stricter deadlines could have further choked the economy over the next decade.

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"In the medium term analysis there is no doubt in our minds that Greece will be able to reaccess the markets", Lagarde said after the talks.

An activist who urged Greeks not to pay their taxes, claiming he had access to enough money to pay off the country's enormous debt, has been remanded in custody pending trial on criminal fraud charges. It argued that the government failed to achieve high growth rates, which were the only way to alleviate the country's problems.

They are expected to unleash a final €12 billion tranche and decide on how much future debt relief Greece can expect, the main area of contention between Athens and its chief creditor, Germany.

"This had been anticipated but it is a positive in terms of the debt relief to Greece and the cash buffer that they will be afforded, which is important because it provides a safety net and allows them to follow the path of Portugal post-bailout", said Rabobank strategist Richard McGuire.

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