Stournaras presents debt relief plan with maximum benefits for Greece, minimum cost for lenders

EconomyMacroeconomy Tags: BoG, Debt
Photo by Panayotis Tzamaros/Fosphotos
Photo by Panayotis Tzamaros/Fosphotos

During a speech at the Delphi Economic Forum on Saturday, Bank of Greece (BoG) governor Yannis Stournaras presented the outcome of an exercise conducted by the central bank showing that mild debt relief in the form of smoothing interest payment for EFSF loans coupled with a primary surplus of 2 percent of GDP as of 2021 is consistent with Greece’s debt sustainability.

The second scenario (baseline low surplus) assumes a primary surplus of 3.5 percent of GDP only in the 2018-2020 period, which falls to 2 percent of GDP thereafter.

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