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Economy

Greek Authorities and Servicers Agree to Cut Interest Rates on Debt Settlement Deals

October 21, 2022

ATHENS – The Greek finance ministry and the Public Debt Management special secretariat reached an agreement with the Hellenic Bank Association and the Association of Servicers to reduce the interest rate margin on debt settlement in the framework of an out-of-court mechanism.

More specifically, the annual interest rate will be reduced by 75 basis points to 2.50%+three-month Euribor (from 3.25% currently) for debt to financial agencies covered by special privileges and the annual interest rate will be reduced by 150 basis points to 3%+three-month Euribor for debts to financial agencies not covered by special privileges.

This significant development will help households and enterprises during the current difficult period due to the energy crisis and the high inflationary pressures, the finance ministry said in an announcement.

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