Debt swap law approved by Greek Parliament
The Parliament of Greece has given a positive nod to the law of debts swapping with the private bond holders a few days back. This thing became the base of its bail out which was worth 130 billion Euros. This decision was taken in spite of the fact that there were protests against the difficult budget which was introduced after a cut was demanded against this rescue deal.
In the case of this swap, the private investors would be exchanging their own bonds in relation to the debts of the lower value. In this manner, the sliced 100 billion Euros off the debt of Greece that is around 132 billion dollars, which was an important part of International Monetary Fund and European Union had the sole purpose of cutting down the liabilities of Greece from, 160 per cent from Gross domestic product to almost 120.5 per cent till the year 2020.
Just a few days ago, a second bail out for Greece after the year 2010 was approved by the finance ministers of the euro zone. Because of this the trouble of bankruptcy that might had come up in the coming month was averted but it could not solve the doubts which were doing rounds as far as the financial stability and also the social condition on the long-term basis was concerned.
The law got passed on its own as and when the debate between conservative New Democracy and Socialist PASOK came to a conclusion. This announcement was made in the assembly by Anastasios Kourakis who was the acting parliamentary speaker. Some time ago Finance Minister Evangelos Venizelos had told the lawmakers that after this law is going to get approved, the Parliament would allow them to start coming out from the vortex. He was of the view that success would only come to them if they would be trustworthy, united, serious and all set to work hard for it. Apply with payday loans for bad credit @ http://www.paydayloansforbadcredit.me.uk/ and get funds despite having imperfect financial ratings.
The government was of the view that this offer should be made to the bond holders as soon as possible and should get completed at the earliest before 20 March as this date was the date when the due date of the repayment of the sum of 14.5 billion Euros had to be made.
The people who were on for new protests would be coming up against the budget cut which was worth 3.3 billion of Euros in this year that would come up against the new rescue package.
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