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ESM Greek debt paper shows slow start to effects
November 30, 2016 / 4:05 PM / a year ago

ESM Greek debt paper shows slow start to effects

BRUSSELS, Nov 30 (Reuters) - A European Stability Mechanism proposal for short-term debt relief for Greece would initially increase the debt-to-GDP ratio, then put it 2.5 percentage points lower in 2030 and 21.8 points lower in 2060, according to ESM calculations.

In an ESM paper to be presented to euro zone finance ministers on Monday and seen by Reuters on Wednesday, the agency estimated that, under a baseline scenario of economic forecasts, swapping floating rate debt to fixed-rate would actually push up debt-to-GDP by 0.4 percentage points in 2022.

Reporting by Tom Koerkemeier and Francesco Guarascio; Editing by Alastair Macdonald

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