Eurogroup Agrees to Return €767 Million in Bond Profits to Greece
- Category: Economy
- Date 05-12-2019
Wednesday’s Eurogroup meeting in Brussels approved the return of €767 million in Greek bond profits to Greece, as well as the cancellation of the interest rate hike imposed on part of the European Stability Mechanism’s loan to Greece during the second bailout.
Greece has asked to use these monies to boost its growth policies. However, the Eurogroup itself will have to decide on this issue in the first months of 2020.
Mario Senteno, the president of the Eurogroup, said that the EU Commission’s report on the implementation of reforms in Greece is quite positive. ”We see good signs there,” Senteno noted with optimism.
Greece will receive the profits made from the Eurozone central banks’ holding of Greek bonds — which are also known in European financial jargon as SMPs and ANFAs — for the last several years.