European Financial Stability Facility’s (EFSF) board of directors on Tuesday announced a decision to reduce, to zero, the step-up margin accrued by Greece for the period between June 17, 2021 and Jan. 1, 2022, as part of medium-term debt relief measures agreed with the country in 2018. The value of the sixth successive reduction amounts to 122.5 million euros.
Additionally, as part of the debt relief measures, acting as an agent for the euro area member states and after their approval, the European Stability Mechanism (ESM) transferred 644.42 million euros to Greece last December . This corresponds to income earned on holdings regarding the Securities Markets Programme (SMP) and the Agreement on Net Financial Assets (ANFA).
“Greece continued its progress with reform implementation, in the challenging circumstances of the Covid-19 pandemic,” according to ESM Managing Director and EFSF CEO Klaus Regling.
“The government carried out reforms in the area of public financial management, adopted anti-trust remedies in the energy sector, and simplified investment licensing. In addition, it achieved good progress in privatization and governance of state-owned enterprises, social welfare and public administration. The European institutions considered that Greece made sufficient progress towards reform commitments in the first half of 2021. This has cleared the way for the next tranche of debt relief measures tied to those commitments.”
He added, “Greece has rebounded swiftly from the pandemic crisis in 2021, recovering all the output losses from the year before. The outlook for this year and beyond is encouraging, thanks to a positive growth momentum and the impetus from the Recovery and Resilience Facility. That said, public debt remains very high, underscoring the importance of returning to a strong budgetary position like in the period before the pandemic. Reform efforts should continue to improve the resilience of the financial sector and to clear government arrears.”
Latest News
Winter Sales Season: Stores Open on Sunday in Greece
Most stores will operate between 11:00 AM and 6:00 PM, while shopping malls will stay open until later, from 11:00 AM to 8:00 PM
Greek Primary Surplus of €8.6bln at End of 2024
In previous budget execution reports, in October, a net amount of €3.241bln was collected from the new Concession Agreement for Attiki Odos
Fraport Greece Posts Record Numbers in 2024
In December 2024, the 14 airports posted impressive numbers in passenger traffic, welcoming a total of 805,056 visitors
Greek Economic Sentiment Steady in Dec 2024
The trade deficit amounted to 4.6 billion euros, up by 340 million euros from the same period last year.
UBS Positive Outlook on Greece, Sees Moody’s Upgrade
Moody's remains the only one of the three major credit rating agencies that still rates Greece at Ba1, one notch below investment grade
Revolut Launches Commission-Free ETF Investment Programs in Greece
According to a survey conducted by Dynata on behalf of Revolut in Greece, 44% of investors said that low and transparent fees are the most important factors when choosing an investment provider.
Greece Falls Far Behind EU Recycling Rate Targets
Greece joins a long list of EU countries that will miss 5 key 'green' targets in 2025, including municipal and packaging recycling rates.
Greece Votes on Bill to Boost Sustainable Tourism
The bill, introduced by Greece's Ministry of Tourism, aims to strengthen the country's position as a global tourism leader by advancing sustainable tourism practices.
HCMC: Approval of Prospectus for the IPO of new shares of Alter Ego
The Group includes the highest rated, in terms of viewership, television channel in Greece, Mega, as well as the emblematic news media “To Vima”, “Ta Nea” and “Oikonomikos Tachydromos”.
Greece to Tighten Golden Visa Requirements: Handelsblatt
In its analysis, the German media outlet said investments can no longer be split across multiple properties