Eurozone finance ministers agreed on the terms of Greece's exit from its third bailout programme, including debt relief measures and a final tranche of 15 billion euros (17.4 billion US dollars bailout
Eurozone finance ministers agreed on the terms of Greece's exit from its third bailout programme, including debt relief measures and a final tranche of 15 billion euros (17.4 billion US dollars. PIX: Aristidis Vafeiadakis/ZUMA Wire/dpa

Eurozone finance ministers agreed on the terms of Greece’s exit from its third bailout programme, including debt relief measures and a final tranche of 15 billion euros (RM69.84 billion), sources told dpa Friday.

Under the deal reached after hours of tough negotiations, European creditors will grant Greece a ten-year maturity extension on certain older loans among other debt relief measures.

The package, which marks the end of Greece’s third bailout programme, aims to ensure that the country’s debt is sustainable and that Athens does not backslide on its reforms as it aims to return to the capital markets.

“The government and the people of Greece did a very good job,” said German Finance Minister Olaf Scholz ahead of the meeting.

Since its financial meltdown in 2010, Greece has participated in three bailout programmes with European creditors lending a total of 241.6 billion euros (RM1.125 trillion).

The International Monetary Fund also disbursed an additional 32.1 billion euros (RM149.45 billion) during the first two bailout programmes.

In 2015, Greece and its European creditors agreed to a third bailout package worth up to 86 billion euros (RM400.41 billion) under the European Stability Mechanism.

In return, Greece has delivered more than 450 reforms in the past three years, including modernizing its fiscal administration and restoring financial stability.

With the third rescue programme set to end on August 20, the country is looking to begin raising money on markets, which will require the confidence of investors. -DPA

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