The Greek side, in a late-night non-paper issued after the end of the Eurogroup, referred to a “positive message to the markets”, the primary point being, as it said, a clear commitment that Greece’s exit to the markets will be supported after a successful completion of the current bailout.
Athens also said a French proposal for a “growth clause” was accepted, pointing to a bridging of assessments by the IMF and European creditors, and ensuring the notion of the debt’s sustainability vis-a-vis the markets. The “growth clause”, the Greek government maintained, turns creditors into allies, given that the higher the growth rate posted by the country’s economy, the less debt relief that will be needed.
The non-paper also cited a grace period and an extension of bailout loans’ maturity to 15 years, allowing for the possibility of an even greater extension. Additionally, primary budget surplus targets were fixed at 2 percent, as of 2023, and on average at 2 percent until far-off 2060, Greek side said.
On another front, Athens unofficially referred to a commitment for an “ambitious package of growth actions” via European funding and acceptance of a standing demand by Greece for the establishment of a development bank.
