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 on Thursday 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.
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The London-based rights gro...
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A growing number of European Union leaders and officials are now suggesting that next year will most probably see a significant write-down on Greek debt.
The country’s partners are clearly a...
