'Greece crisis over' as Eurozone agrees debt relief plan
(VOVWORLD) - Eurozone ministers declared the end of the Greek debt crisis early Friday agreeing debt relief and a big cash payout for Greece, part of a broad bailout exit deal that will close 8 years of financial rescues for cash-strapped Athens.
Eurozone Finance Ministers at a meeting in Luxembourg on June 21, 2018 (Photo: EPA/VNA)
|
After 6 hours of negotiation, Eurozone members reached a deal under which Greece is slated to leave its financial rescue on August 20. The eurozone creditors will disburse 15 billion euros or 17.5 billion USD to ease the country's exit from its program. Finance ministers from the 19 countries agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached 180% of GDP - almost double the country's annual economic output.