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European Stability Mechanism (ESM) is working on proposals for short-term measures to alleviate the Greek debt, which are supported by Germany. The plan is linked to the decision taken on May 24 by the Eurogroup to take measures for the debts of Greece, which is provided in the rescue program signed last summer.

Among the measures envisaged the reduction of interest rates on long-term obligations of Greece and remission of penalties in the oldest loans. So Athens will save about 220 million EUR next year, but the debts of the country, however, are approaching 320 billion EUR.

European Stability Mechanism (ESM) is currently working on the proposal, but German Finance Minister Wolfgang Schaeuble supports the agreed short-term measures commented Kolberg on the occasion of the publication Handelsblatt. Germany was a big opponent of the Greek debt cuts. Last summer Wolfgang Schaeuble even suggested the exit of Greece from the Eurozone, if not the country can not cope with the management of their debts.

The spokesman of the Finance Minister refused to give a definite answer and is scheduled teleconference call between Wolfgang Schaeuble, the finance ministers of the Eurozone and the International Monetary Fund (IMF) on which to discuss the topic of Greek debt.

On December 5 there will be a meeting of the Eurogroup and the main topic of the talks will be Greece – implementation of the rescue program and sustainable debt management, it is clear from the published program of the Council meeting.

Greek Prime Minister Alexis Tsipras hopes of remission of part of the debts of his country, which is part of his election promises to be able to withstand the pressure from the opposition in the country. Recent polls show that possible early elections “New Democracy” can get absolute majority in the Greek Parliament. Tsipras seek support in their requests to creditors and get it on different levels. In mid-November, outgoing US President Barack Obama expressed strong support to Greece. A day later he was in Berlin and part of his talks with German Chancellor Angela Merkel were devoted to Greek debt.

