Greece got a dose of good news on Wednesday, as the European Financial Stability Facility’s (EFSF) board approving another debt-relief measure, setting a step-up margin accrued by Greece for the beginning of the year until June 17 to zero. The decision means a rebate of 103.3 million euros for the country, part of announced medium-term debt relief measures in 2018.
Additionally, the European Stability Mechanism (ESM) will also reimburse the country with 644.42 million euros, related to income accrued from SMP/ANFA holdings.
In a statement in Frankfurt, ESM Managing Director and EFSF CEO Klaus Regling emphasized that "...Greece has made progress with reform implementation in the challenging circumstances of the Covid-19 pandemic. The government has carried out a major reform of the insolvency framework to provide banks the right tools to reduce significantly the ratio of non-performing loans. The European institutions delivered a positive assessment regarding the completion of Greece’s reform commitments in the second half of 2020. This cleared the way for the next tranche of debt relief measures tied to those commitments."