Euro zone finance ministers have opened the way to a six-year extension to 2021 in the repayment period for an EU-IMF loan to Greece, Greek Finance Minister George Papaconstantinou said today.
He said the government hoped that final approval for the extension would come in about two months after certain euro zone members - notably Germany - have submitted the measure to their parliaments.
European Union finance ministers over the weekend said they were prepared to consider extending the repayment schedule for Greece, which is currently to end in 2015, for loans accorded Athens last May.
Such a move would align Greek payment conditions with those of Ireland, which was granted an €85 billion rescue package yesterday by the EU and the International Monetary Fund.
Papaconstantinou said EU ministers all agreed that Greece and Ireland deserved 'equal treatment'.
He said the extension would mean an increase in the interest rate charged Greece but added that it would not exceed the 5.8% accorded Ireland. Greece's €110 billion loan carried an average interest rate of 5.2%.
