The second bailout for Greece will exchange €130 billion for a harsh programme of austerity that is meant to help reduce its debt to 120.5 percent of GDP by 2020.
Investors will forgive 53.5 per cent of their principal and exchange their remaining holdings for new Greek government bonds and notes from the European Financial Stability Facility.
The agreement will reduce Greece’s debt burden by €107 billion, about half the country’s estimated gross domestic product for 2011. Greece’s...
Subscribe from just €1 for the first month!
All Digital Access + eReader
Unlimited Access for 1 Month
Then €19.99 a month after the offer period.
€149 For the 1st Year
Unlimited Access for 1 Year
90 Day Pass
Get a Business Account for you and your team