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Debt Relief for Greece: An Overview of Previous Reliefs

In: European Union and Monetary Union in Permanent Crisis I

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  • Dirk Meyer

    (Helmut-Schmidt-Universität)

Abstract

The third aid program for Greece expired in August 2018. So far, it is being sought and assumed that Greece will be able to finance its future credit needs on the open capital market. In order to make this possible in the future, numerous debt relief measures have been taken in the past, partly retrospectively—starting with a loosening of the credit conditions up to an open debt relief. The (so far) last debt relief measures were decided by the eurogroup in June 2018. From 2012 to 2018, the end of the third aid programme, Greece has repeatedly received debt relief or financing advantages on the basis of renegotiations. A debt haircut of private and public creditors (2012), a debt buy-back programme (2012), the extension of the credit terms, a reduction of the credit interest rate and a changed debt management of the rescue fund (2017) sum up the advantages until 2017 to 274 to 290 billion EUR. In addition, a de facto fourth aid programme in the amount of 47 billion EUR was granted with the release of Greece from the Euro-aids in the summer of 2018.

Suggested Citation

  • Dirk Meyer, 2022. "Debt Relief for Greece: An Overview of Previous Reliefs," Springer Books, in: European Union and Monetary Union in Permanent Crisis I, chapter 0, pages 161-182, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-38643-6_10
    DOI: 10.1007/978-3-658-38643-6_10
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