Eurozone creditors reach deal on Greek debt relief

After €300 billion in aid, Greece will exit its bailout on shaky ground

After €300 billion in aid, Greece will exit its bailout on shaky ground

The finance ministers of the 19 European Union countries reached the compromise after a day of marathon talks in Luxembourg early on June 22.

Greece's current worldwide bailout, the country's third rescue programme since 2010, ends in August.

"We believe that the debt is now viable, we can have access to the markets now and in a context of surveillance and by continuing our reforms we can pursue this", Greek Finance Minister Euclid Tsakalotos said after the meeting.

The report in The Local also said the figures published by the government yesterday show that Germany made 3.4 billion euros in interest payments on the bonds and only paid Greece 527 million euros in 2013 and 387 million euros the following year.

Greece will also get a 15 billion euro new loan, which will take the total cash buffer with which it will leave the bailout on Aug 20 to 24.1 billion.

"We are very close to the moment when we will reap the fruits of years of sacrifices and hard efforts by the Greek people", he said. The left-wing politician had said at the beginning of his first term in office that he would only wear a tie when Greece had settled its debt problems, and in his speech, Tsipras hailed Friday's deal in Luxembourg as a landmark decision.

Over those years, Greece twice got perilously close to being kicked out of the eurogroup, EU Commissioner Pierre Moscovici said.

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They also chose to have the International Monetary Fund participate in a system to monitor the country's finances, even after the bailout program ends.

Greece had already got some 275 billion euros (£232 billion) in financial support from its worldwide creditors over the past eight years.

"I have to say that the Greek government is happy with this deal".

Greece has been living primarily on money borrowed from euro zone governments in three bailouts since 2010, when it lost market access because of a ballooning budget deficit, huge public debt and an inefficient economy and welfare system.

Once the bailout is over, Greece will have to finance itself by borrowing on global bond markets.

This, Greek officials said, might even be used to pay off the country's debts to the International Monetary Fund earlier than planned.

Mr Tsakalotos said the deal will allow Greece to tap markets "very soon" at manageable interest rates, although the precise timing is still unclear.

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