Financial Times
July 22, 2011
Greece has won a “large breathing space” thanks to a new €109bn rescue deal that would allow for extending the maturities of all government debt due to be repaid before 2020, according to its finance minister.
“This arrangement will bring significant benefits to the real economy but it doesn’t mean we can relax our efforts to implement the current reform programme,” Evangelos Venizelos told reporters on Friday.
Mr Venizelos gave few details of the terms of Greece’s latest bail-out but made clear that about 90 per cent of €135bn in debt falling due over the next eight years would be exchanged for 30-year bonds.
He dismissed concerns that Greece is poised for a temporary default as “irrelevant” given the backing of European institutions for the bail-out plan.
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