ATHENS Below are facts and figures about the European Union/International Monetary Fund financing used since May 2010 to bail out Greece, as well as future payments planned under the country's current, 130-billion euro bailout.
INTERNATIONAL ASSISTANCE DISBURSED SO FAR:
Greece has received 148.6 billion euros in EU/IMF funds since May 2010. In addition, the ECB owns about 50 billion euros worth of Greek government bonds.
- First programme between May 2010 and December 2011: 73 billion euros (52.9 billion euros from the EU and 20.1 billion euros from the IMF).
- Second programme between March-June 2012: 75.6 billion euros (14.4 billion euros from the EU, 59.5 billion euros from the EFSF and 1.7 billion euros from the IMF).
- Rest of second programme: 88.8 billion euros by the end of 2014. (70.7 billion euros from the EFSF and 17.6 billion euros from the IMF).
- ECB: has purchased about 50 billion euros of Greek bonds.
- IMF: A "buffer" of about 8 billion euros in IMF funds are available to Greece for the period 2015-2016.
Total support earmarked for Greece: About 244 billion euros from EU/IMF, plus 50 billion euros in ECB bond support.
USE OF EU/IMF BAILOUT FUNDS SO FAR
Out of the 148.6 billion euros disbursed so far since May 2010:
- Servicing long-term debt that matured between May 2010 and end-June 2012: 47 billion euros.
- Financing of private-sector debt haircut (PSI): 34.5 billion euros.
- Recapitalisation of Greek banks: 25 billion euros.
- Balance (most of it to finance Greek budget deficit): 42.1 billion euros)
SUSPENSION OF BAILOUT PAYMENTS
EU/IMF have suspended bailout payments since June 28, when they released a partial tranche of 1 billion euros. Two tranches of bailout money over a total 36.2 billion euros have been held up since. A further 7.2 billion euro tranche is due by the end of December.
Greece's general government debt at end-2011 stood at 356 billion euros. The first haircut (PSI) shaved 106 billion euros off Greek debt owed to private-sector bondholders.
The debt Greece owed to its official sector lenders (EU/IMF/ECB) is estimated at about 200 billion euros, broken down as follows:
- EU bilateral loans: 52.9 billion euros
- EFSF: 74.4 billion euros
- IMF loans: 21.8 billion
- Bonds held by the ECB: about 50 billion euros
Repayment of IMF loans begins in the third quarter of 2013 (a total 9.1 billion euros by end-2014). Repayment of EU/EFSF debt begins in 2020.
TERMS OF EU/IMF LOANS
Euro-area loans disbursed between June 2010 and March 2011 were charged at interest between 3.4 pct and 4 pct, leading to total charges of 634 mln euros.
Euro-area loans disbursed between June 2011 and March 2012 were charged at between 2.67 pct and 3.03 pct, leading to total charges of 1.31 billion euros.
EFSF loans under the second bailout plan are provided at cost, with loans amortised over a 25-year period, including a 10-year grace period.
IMF loans are charged at about 2.7 pct.
Sources: Second economic adjustment programme for Greece, EFSF website, Greek Public Debt Management Agency. See also
here (Reporting by Harry Papachristou; Editing by Michael Winfrey)
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