Greece secures debt relief from euro zone after delay | The Daily Star
12:00 AM, April 07, 2019 / LAST MODIFIED: 12:35 AM, April 07, 2019

Greece secures debt relief from euro zone after delay

Euro zone finance ministers released long delayed debt relief to Greece on Friday, saying the government had implemented reforms promised during the massive bailout that ended last year.

Greece exited its third and final international bailout in August, a turning point in its progress out of the catastrophe that engulfed the country during the debt crisis.

But the Greek government had failed to complete politically sensitive reforms such as changes to housing foreclosure rules that spooked families struggling with mortgages on their homes.

"All in all, Greece has done what was necessary to respect its commitments. The decision gives a new, very strong signal to the markets," said EU Economics Affairs Commissioner Pierre Moscovici after talks with ministers in Bucharest.

In a statement, the Eurogroup of eurozone finance ministers accepted the view that "Greece has taken the necessary actions to achieve all specific reform commitments."

This meant that the "conditions are in place" to unlock debt relief measures worth 970 million euros, the statement said.

The debt relief measures are mainly profits made by the European Central Bank (ECB) and other EU central banks on Greek government bonds during the bailout period.

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