Economics
Greece's Creditors Agree to Landmark Debt Deal as Bailout Saga Ends
- Deal sees extension of maturities, grace period of 10 years
- Under agreement Greece will get final tranche of 15 bln euros
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Greece’s euro-area creditors struck a landmark deal to ease repayment terms on some of the nation’s mountain of debt, clearing the way for the country to exit the lifeline that’s kept it afloat since 2010.
The debt compromise reached in Luxembourg by the bloc’s finance ministers comes after months of acrimonious talks and just as the Mediterranean nation is set to leave its bailout program in August. A deal to ease Greek debt has long been seen as a key ingredient in the country’s successful return to economic health and foray back into financial markets.