Eurozone creditors reach deal on Greek debt relief

After €300 billion in aid, Greece will exit its bailout on shaky ground

Figures released yesterday by the Germany government in response to a parliamentary query submitted by the opposition Green Party revealed that Germany has made 2.9 billion euros in interest payments on Greek bonds since 2010, according to German media reports.

Finance Ministers from the 19 countries that use the single currency are seeking to agree on debt relief and a sizeable cash cushion for Greece that will reassure financial markets on the ability of Athens to stand on its own.

European creditors will probably grant frontloaded debt relief to Greece by using the funds left over in the third bailout to buy out part of the IMF loans, said Miranda Xafa, senior fellow at the Centre for International Governance Innovation. We consider that debt is now viable, we can now have access to the markets.

Sorras founded the Convention of Greeks political group, claiming to have access to enough money in foreign bonds to cover Greece's 320 billion-euro foreign debt.

"The Greek crisis ends here tonight", said EU Economic Affairs Commissioner Pierre Moscovici, after marathon talks in Luxembourg.

Mr Centeno said that under the deal, Greece could delay back repayment on billions in loans by 10 years, giving it a financial breather, while stricter deadlines could have further choked the economy over the next decade.

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They also agreed to disburse 15 billion euros ($17.5 billion) to ease Greece's exit from its rescue programme.

Greece's borrowing costs could spike after it leaves the bailout programme if investors are not confident about the sustainability of its debt, amid growing market concerns over looming trade wars and rising eurosceptism.

Greece will also receive an additional €15 billion on repayment of some more-expensive International Monetary Fund loans, as well as to create a cash buffer so that it could meet financing needs in the next two years.

Germany has been one of the main lenders to Greece during its debt crisis and has profited massively.

They also chose to have the International Monetary Fund participate in a system to monitor the country's finances, even after the bailout program ends.

The markets' initial positive reaction to the news of the agreement was reflected on the drop of Greek state 10-year bond yields to the lowest level since mid-May to 4.11 percent, Greek national news agency AMNA reported.

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