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 Greek Debt Concerns Fade, But U.S. Fiscal Cliff Worries Stay!

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Greek Debt Concerns Fade, But U.S. Fiscal Cliff Worries Stay! Empty
PostSubject: Greek Debt Concerns Fade, But U.S. Fiscal Cliff Worries Stay!   Greek Debt Concerns Fade, But U.S. Fiscal Cliff Worries Stay! Icon_minitimeWed Nov 28, 2012 9:04 am

Greek Debt Concerns Fade, But U.S. Fiscal Cliff Worries Stay!

European finance ministers and international creditors` approval on a second Greek emergency fund with a relaxed austerity measures conditioned to this payment, has cleared the uncertainty surrounding the euro area`s sovereign debt crisis.

It took the Eurogroup and the IMF no less than 12 hours to find a common ground on Greece, as both parties reached an agreement to reduce Greece's debt to 124% of the GDP by 2020.

The deal will reduce Greece's debt by €40 billion through cutting it ti 124% of gross domestic product over the next eight years by 2020.

Greece will receive a 43.7 billion bailout payment. It will receive 34.4 billion in December. 23.8 billion euros of which will go to restructure the banks and 10.6 billion in budget aid. The rest will be paid in three sub-tranches until March 2013.

Ministers also agreed to cut the interest rate on official loans by 100 bp, and lower guarantee fee costs paid by Greece on official loans by 10 bp, while to extend their maturity by 15 years to 30 years, and grant a deferral Greek interest-payment on official loans by 10 years.

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