By Tasos Dasopoulos
Five moves with which Greece will enter the upgrade track in the "BBB+" step and deliver the "gold" debt within the EU. in neighbouring Italy are underway by the Ministry of National Economy and Finance and the ODD.
Despite the crisis in the Persian, which threatens another storm, the European debt, which is rising, Greece maintains a completely different agenda, especially for the size of debt.
While EU debt provided for by 82,3% The 2025 to increase to 85,2% In 2027, Greece is expected to reduce its debt to 137.6% of GDP at the end of the year, 145,6% GDP At the end of 2025.
This reduction will be based on the good progress of the economy, which is expected to develop this year at a rate of 2%, while forming a primary surplus considerably higher than 3,2% GDP, which is the official target in the revised medium term.
Apart from the 'base', however, the financial staff has a five-point plan aimed at faster debt reduction, so that at the end of the year Italy will be first recorded as being the country with the second highest debt in the EU, since now the highest debt as a percentage of GDP will have Italy.
The five moves
The first move concerns the early repayment of EUR 6,94 billion which took place on 15 June, which is not intended to pre-pay certain instalments, but specific amounts in specific years, in order to reduce obligations to serve debt in the future.
The second move will take place in September and will again involve early repayment of memorial debt. In September, in particular, early payments are expected to be made. EUR 3 billion from the loan of EUR 110 billion of EFSF Greece took the second Memorandum.
The ultimate objective of both movements is to ease the flow of payments after 2030, and in particular after 2032, when, based on the current data, Greece should start paying back payments. 90 billion which it used from EUR 110 billion the loan EFSF with interest rate EUR 25 billion, which together with the loan capital are currently in a grace period.
On the basis of the public debt maturity schedule, from 2023 to 2038 the Greek State will have to repay total debt obligations EUR 75 billionIn particular, 2033 should be repaid EUR 17 billion, 2034 EUR 11 billion, 2035 EUR 15 billion, 2036 EUR 10 billion, 2037 EUR 13 billion and 2038 EUR 11 billionAll obligations relate to debts to the so-called "official" sector, and in particular to the European organizations from which Greece has borrowed from each of the three rescue programmes of the economy.
The third move is the explanation of the plan for a rapid debt reduction in homes that will start the new cycle of economic ratings in September. DBRS, Moody’s and SCOPE The Commission will continue its work in September. S&P 23 October and Fitch 6 November. The goal is, even if they do not upgrade Greece this year, to upgrade at least the prospects of the economy, from stable to positive, to start the countdown for the next upgrade.
The fourth dynamic management drive will be cash available at the end of the year more than EUR 30 billion, thus maintaining the trust of the markets that, no matter what, Greece has the funds to cover its short-term debt.
Extroversion
The fifth move concerns extroversion to complete the complete return of Greece to the markets. In addition to the credit of international rating agencies and rating agencies, the ODREX tries through debt repayment to the private sector to increase long-term bond issues. Target is double. On the one hand, Greece wants to increase bond liquidity so that these become more marketable for current investors. On the other hand, it wants to create space and titles for the new investors that appeared after the investment level.
