Finance ministry unveils modified agreement for EU loans

The finance ministry on Tuesday unveiled the terms of a new modified agreement signed by Finance Minister George Papaconstantinou for the 80 million euros Greece has received from its Eurozone partners.
A ministry announcement said that Greece had been asked to sign the new agreement around this time, after Eurogroup ministers on May 16 agreed to extend the repayment period and lower the interest rate on the loans.
It said that the agreement signed by Papaconstantinou will be tabled in Parliament for discussion and to inform MPs.
After the signature by Greece, the agreement will be signed by each EU member-state contributing to the loans and once ratified by all member-states, the lower interest rate will be calculated backdated to the date of signature.
It is expected to save 800 million euros in interest payments each year.

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