The Greek government has presented a new proposal institutions, more specifically, on the restructuring of the debt, according to a filtering paper the Financial Times.
This plan provides for the reduction of debt which currently reaches almost 180% of the producer gross domestic product (GDP), 93% in 2020 and 60% in 2030.
The document proposes that the European Stability Mechanism (ESM) assume bonds the Greek State, which are now held by the European Central Bank (ECB), which have a total value of 27,000 million euros.
When passing the ESM duty rather than the ECB, Greece would get a double benefit. On the one hand, pay lower interest rates than those for bonds held by the ECB and the other, 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 with its European partners for the first rescue perpetual bonds or bonds whose interest goes linked to the evolution of the Greek GDP.
For the return of the Greek debt to the International Monetary Fund (IMF), 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 are in the hands of the European monetary system.
The document proposes also, a rebate of 50% of the contracted loan with the European Financial Stability Facility (EFSF), worth 144,000 million, and rising interest rate of 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 euros that the Hellenic country return after the maturity of the loan.
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