(VOVworld) - The 19 Eurogroup finance ministers on Monday agreed on some swift short-term debt relief for Greece based on a proposal by the European Stability Mechanism (ESM).

(Photo: Reuters)

These measures, to be applied before 2018, could reduce Greece’s debt by several billion euros between now and 2060. They exclude a 2-percent increase in interest rate on part of the debt, beginning 2017. The ESM has proposed extending the average loan maturity from 28 years to 32.5 years.

Greece's debt is about 180% of its GDP despite 3 bailouts since 2010 by the European Union and the International Monetary Fund.