BUSINESS

Greek debt relief plan linked to growth submitted by ESM and France, according to Handelsblatt

TAGS: Finance, EU

A plan to provide debt relief that will be linked to Greece's economic growth until 2050 has been submitted by the European Stability Mechanism (ESM) and France, according to a report in Germany's Handelsblatt newspaper.

The proposal includes the extension of loan repayment periods, setting an interest rate limit and linking debt relief to economic growth, the paper said, citing a February 27 document.

The paper added that Greece will be spared making payments if the average growth over five years falls below 2.8 percent. Partial repayment will be necessary if growth ranges between 2.8 and 3.4 percent, while a full repayment will be expected if growth is higher. 

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