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Eurozone ministers agree on deal to bring Greece out of financial crisis

The ministers agreed to extend maturities by 10 years on major parts of its total debt obligations

AFP | PTI  |  Athens 

Migrants attempt to break through Greece-Macedonia border

The today said the country was "turning a page" after ministers declared its crisis over as they granted debt relief under a exit strategy.

"is turning a page, its debt is now viable," said. "I think the Greek people can smile, they can breathe again." "This is a historic decision," Tzanakopoulos told state TV ERT.

Thanks to the ministers' hard-fought agreement declared earlier Friday, is slated to leave its financial rescue on August 20. The agreement is an important turning point for the nearly a decade after stunned the world with out-of-control spending, sparking three bailouts and a near collapse of the euro single currency.

The ministers agreed to extend maturities by 10 years on major parts of its total debt obligations, a mountain that has reached 180 percent of the -- almost double the country's annual economic output.

They also agreed to disburse 15 billion euros to ease Greece's exit from its rescue programme. This would leave Greece with a hefty 24 billion euro safety cushion, officials said.

Optimism, however, is tempered by Greece's remaining fiscal obligations, which will demand serious discipline, observers say.

"This is a very tight programme. A surplus of 3.5 percent to 2022 and 2.2 percent (on average) to 2060 is not easy at all," Kostas Boukas, at Beta Securities, told 9,84 radio.

"We'll have to see if the pledges will be kept, especially as they depend on developments as well," he said.

First Published: Sat, June 23 2018. 03:27 IST
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