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Ocean Finance Give Greeks Loan Extension Until 2021 To Pay Money Back

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http://uk.reuters.com/article/idUKTRE6AS29L20101129

Greece will have until 2021 to repay its 110 billion euro (93 billion pounds) EU/IMF bailout loan, the country's finance minister said on Monday.

In return, Greece will have to pay a higher fixed interest rate of about 5.8 percent from 5.5 percent, George Papaconstantinou told reporters.

"The repayment, which was now until 2015, will go to 2021 ... we have a grace period of four years and a repayment period of seven years," Papaconstantinou said. "The decision is very important, it opens the way to return to markets earlier than expected."

EU sources said an informal deal to extend the repayment was reached at a meeting of euro zone finance ministers on Ireland on Sunday and that this will be detailed and formally agreed at the next Eurogroup and Ecofin councils on Dec 6-7. Parliaments of euro zone countries must approve the decision.

"The decision has been taken to have an equal treatment with Ireland and send a message to markets," Papaconstantinou said.

He said this would not affect Greece's fiscal consolidation plan, which analysts warned must be rigorously adhered to.

"The repayment extension will give Greece more breathing space, it may facilitate its return to markets -- it's easier to go out and borrow 50 billion instead of 80 billion euros," said Alpha Bank economist Michael Massourakis.

And the message to the markets is "you'll never see your money again?"

Nice to see the Ocean Finance loan rolled up and extended further along with all the extra interest that will be earned, especially when the Greeks borrow more money to pay back the borrowed money.

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you do sort of wodner why they don't let the boys from ocean finance take over at the fed.

The Ben Bernanke can only count upto 5, the ocean TV channel is 888, he'd be completely stumped!

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Its not ocean finance involved. 0% teaser rate resetting after four years to a rate the borrower in no shape or form can afford, thats got to be countrywide financial. Europes a bit late to the option-arm mortgage party but what its lost in lateness its making up for in size. And you have to admit it does take some balls to take on an option-arm loan on a whole country....

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Its not ocean finance involved. 0% teaser rate resetting after four years to a rate the borrower in no shape or form can afford, thats got to be countrywide financial. Europes a bit late to the option-arm mortgage party but what its lost in lateness its making up for in size. And you have to admit it does take some balls to take on an option-arm loan on a whole country....

I'm sure it will all prove affordable, it's not like the economy is run by a bunch of short-termist idiots.

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Its not ocean finance involved. 0% teaser rate resetting after four years to a rate the borrower in no shape or form can afford, thats got to be countrywide financial. Europes a bit late to the option-arm mortgage party but what its lost in lateness its making up for in size. And you have to admit it does take some balls to take on an option-arm loan on a whole country....

This is all pushing stuff so far into the future it's meaningless. What does the IMF imagine Greece's creditworthiness will be in 2020 or whenever?

Especially since the IMF confessed again the other day that it didn't foresee any of the raging problems within Europe. When challenged, the guy said something like, 'The IMF is a learning institution'.

Surely the only thing you could safely say at this point, given the IMF austerity programmes, is that the various countries will have downsized economies, diminished tax revenues and the debt will become proportionately greater.

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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