Greece introduces new proposal partners on restructuring … – El Universal (Venezuela)

 THE UNIVERSAL
 

Friday June 5, 2015 6:01 a.m.

Athens .- The Greek government has presented a new proposal institutions, more specifically, on the restructuring of the debt, according to a leaked by the Financial Times document.

This plan provides for the reduction of debt, which currently stands at almost 180% of the producer gross domestic product (GDP), 93% in 2020 and 60% in 2030, Efe reported.

document proposes that the European Stability Mechanism (ESM) to assume the Greek state bonds that are now held by the European Central Bank (ECB), which have a total value of 27,000 million euros.

ESM duty to pass rather than the ECB, Greece would get a double benefit: firstly, pay lower than those for bonds held by the European Central Bank and other interests, the new loan would expire later

If accepted, this proposal would have an immediate effect on the country, because in July and August due bonds held by the ECB with a total value of 6,790 million euros, that Greece is not in a position to return.

The Greek Government also proposes the transformation of bilateral loans corresponding to the first rescue perpetual bonds or bonds whose interest goes linked to the evolution of the Greek GDP European partners.

the return of Greek debt to the International Monetary Fund (IMF), the Executive proposes to immediately pay 45% (9,000 million euros of a total of 19,960 million euros) using the benefits of the Hellenes bonds that are held by the European monetary system.

The document also proposes a reduction of 50% of the contracted loan with the European Financial Stability Facility (EFSF), worth 144,000 million, and rising interest rate 2.5% to 5%.

The benefit for Greece would be the nominal debt reduction, while the cost to creditors would be minimal thanks to the doubling of interest rate for the 72,000 million Greek euros that the country would return after the maturity of the loan.