No more “Grexit”

A happy Greek Primeminister arriving at the European Council on 13 December 2012.

A happy Greek Prime Minister arriving at the European Council on 13 December 2012. © The European Council.

”Compromise, self-control and moderation” were the words used to describe the needs of the 21st century at the Nobel award ceremony this week. The Greek seems to have learned that. They are now being rewarded for being back on track by the Eurogroup, that Thursday morning approved to release a bailout portion of €49 billion.

Greece has been waiting for the money since June, but has repeatedly missed fiscal targets agreed with the EU and the International Monetary Fund. Greece has recently successfully launched a “debt buyback”, that will enable Athens to retire almost €20 billion in bonds repurchased at 30% of their face value from private investors.

 

€34.4 billion euro will be paid out to Greece in the following days, and the remaining amount in the beginning of 2013. According to the Eurogroups’ statement this ”will allow the Greek economy to return to a sustainable growth path with higher employment, thus paving the way towards a more prosperous future. We strongly encourage Greek citizens to sustain their efforts and to implement the necessary reforms.”

The Greek Prime Minister Antonis Samaras says the Greek have every reason to be optimistic, because the financial aid means the end of a “long and difficult period of anxiety in Greece, stopping rumors of the country’s exit from the euro”, writes amna.gr.

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