According to Greek Journals, Greece proposes to restructure its debt through refinancing with new tools. The Greek plan made by the Greek EU-counterparty filed last week in talks that had with lenders.
According to this source, the Greek plan was drawn up on the basis that the debt of 175% of GDP is unsustainable. The Greek government propose the interconnection of the loan rate by the GDP growth rate and the deletion of 50% of the total nominal value of bonds of the European Financial Stabilisation Mechanism.
The first part of the proposal concerns the bonds issued under the first loan agreement in May 2010 and amounted to 52.9 bn. Euros. Athens proposes the conversion of these loans into perpetual bond with a rate of 2% to 2.5%. Alternatively propose the extension of these loans for 100 years.
The second part of the Greek proposal concerns of EFSF loans toâ€¦
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