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Eurozone releases debt relief to Greece

Eurozone releases debt relieft to Greece

Eurozone finance ministers have released long delayed debt relief to Greece, saying the government had implemented reforms promised during the massive bailout that ended last year.

Greece exited its third and final international bailout in August, a turning point in its progress out of the catastrophe that engulfed the country during the debt crisis.

However the Greek government had failed to complete politically sensitive reforms such as changes to housing foreclosure rules that spooked families struggling with mortgages on their homes.

“All in all, Greece has done what was necessary to respect its commitments. The decision gives a new, very strong signal to the markets,” said EU Economics Affairs Commissioner Pierre Moscovici after talks with ministers in Bucharest.

In a statement, the Eurogroup of eurozone finance ministers accepted the view that “Greece has taken the necessary actions to achieve all specific reform commitments.”

This meant that the “conditions are in place” to unlock debt relief measures worth €970m, the statement said.

The debt relief measures are mainly profits made by the European Central Bank and other EU central banks on Greek government bonds during the bailout period.

The decision comes as hopes rise that Greece has turned the economic corner. Last month Athens issued a ten-year bond, the first major borrowing effort since its debt crisis.

The country hopes to raise a total of around nine billion euros in the markets this year to boost investor confidence in the Greek economy.

Growth is expected to reach 2.4% in 2019 after an estimated 2.1% in 2018, according to the latest International Monetary Fund projections.

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