05:25 GMT23 October 2020
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    Financial crisis in Greece (197)
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    According to Der Spiegel, EU's legally controversial but incrementally beneficial recommendation would allow Athens to eliminate up to 2 billion euros of future debt responsibility.

    BERLIN (Sputnik) — The European Commission is considering freeing Athens from its financial responsibilities regarding the funding of joint EU-Greek development projects initiated in 2007-2013, allowing the debt-ridden country to save around 2 billion euro (some $2.23 billion), German media reported Monday.

    According to German newspaper Der Spiegel, the Commission's legally controversial but incrementally beneficial recommendation would allow Athens to eliminate up to 2 billion euros of future debt responsibility.

    The European Parliament will consider the proposal this week, the media outlet reported.

    My Big Fat Greek Barter
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    My Big Fat Greek Barter
    EU-member countries are obliged to co-finance development projects from their own resources in parallel with European funds. The commission is seeking retroactive changes to the rule to prevent the European Union from losing money invested in Greece's development, as the country is unlikely to have sufficient funds to continue financing its burden in the joint projects.

    Greece has been bailed out by international money lenders several times over the past decade, on conditions that strict austerity measures are implemented in the country to lessen public spending. The country owes more than $270 billion to main international creditors, the International Monetary Fund, the European Central Bank and some eurozone nations.

    Financial crisis in Greece (197)


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