After April 5th (Eurogroup) and 15th 2019 (ESM announcement) the implementation of the EFSF medium-term debt relief measures is enforced, being conditional on:
- the continued implementation of key reforms under the ESM programme and
- Greece‘s compliance with the agreed reform measures and policy commitments during the post-programme surveillance period.
EFSF Medium-term debt relief measures consist of:
- A further deferral of EFSF interest and amortisation by 10 years on €96.4 bn of EFSF loans to Greece. Debt repayment schedule now stretches all way to 2070 and €61.8 bn are transferred from 2023-2056, after 2057. (activated April 15th)
- An extension of the maximum weighted average maturity on the above-mentioned portion of EFSF loans by 10 years by 32.5 years to 42.5 years. (activated April 15th)
- A mechanism for the conditional abolition of the step-up interest rate margin related to the debt buy-back tranche of the second Greek programme from 2018 onwards. A total grant of €330 mn (€110 mn from the second semester of 2018 and €220 bn for 2019) was approved. (activated April 5th)
- The use of 2014 SMP profits from the ESM segregated account and the restoration of the transfer of ANFA and SMP income equivalent amount to Greece (as of budget year 2017). The €640 mn of the second semester of 2018 (out of a total amount €5.76 bn until 2022) were transferred. (activated April 5th)
Moreover, the Greek Ministry of Finance has requested for an early IMF loans repayment. This consists of a circa €3.7 bn expected to mature until 2020, out of a total €9.2 bn loan pending to mature until 2024.