Tan­gi­ble debt drop af­ter PSI, bond buy­back

Kathimerini English - - Front Page - SOTIRIS NIKAS

Cen­tral government debt was re­duced by 16.9 per­cent in 2012 com­pared to 2011, thanks to the two debt re­struc­tur­ings con­ducted over the course of the year, ac­cord­ing to data re­leased yes­ter­day by the Gen­eral State Ac­count­ing Of­fice.

Greece’s debt amounted to 305.5 bil­lion eu­ros, or 156.6 per­cent of gross domestic prod­uct, down from 367.9 bil­lion, or 176.4 per­cent of GDP in 2011, which means that the di­rect im­pact of the pri­vate sec­tor involvement (PSI) scheme in the bond hair­cut last spring and the bond buy­back in De­cem­ber re­sulted in debt re­lief of 62.4 bil­lion eu­ros.

The in­di­rect im­pact of the two re­struc­tur­ings is ev­i­dent in the ex­ten­sion of re­pay­ment time, as the av­er­age ma­tu­rity pe­riod of Greek debt has grown from 2.36 years to 16.53 years.

Newspapers in English

Newspapers from Greece

© PressReader. All rights reserved.