Δεκαπέντε ώρες χρειάστηκαν χθες βράδυ μέχρι το Eurogroup (βλ. εδώ το κείμενο της απόφασης) να
εγκρίνει το νέο δάνειο των 130 δισ. ευρώ προς την Ελλάδα. Παράλληλα,
ανακοινώθηκε ότι το «κούρεμα» των ομολόγων θα φτάσει το 53,5%, με στόχο τη μείωση
του χρέους στο 120,5% του ΑΕΠ το 2020. Το μέσο επιτόκιο των νέων ομολόγων θα
είναι 3,65% και οι τίτλοι αυτοί θα διέπονται από το αγγλικό Δίκαιo.
Η συμφωνία περιλαμβάνει, πέραν των δεσμεύσεων των πολιτικών αρχηγών
που στηρίζουν την κυβέρνηση, την υποχρέωση να ψηφιστούν
όλοι οι εφαρμοστικοί νόμοι μέχρι τις 29 Φεβρουαρίου, τον διορισμό Γενικού
Γραμματέα υπεύθυνου για τα δημοσιονομικά, καθώς και τη συνταγματική
κατοχύρωση της πληρωμής των δανειστών.
Αναλυτικότερα, σε συμφωνία με τους ιδιώτες ομολογιούχους που
εκπροσωπεί το Διεθνές Χρηματοοικονομικό Ινστιτούτο (IIF) για το «κούρεμα» του
ελληνικού χρέους που διακρατούν ιδιώτες κατά 53,5% (ή 107 δισ. ευρώ) κατέληξε η
κυβέρνηση μετά τις μαραθώνιες διαπραγματεύσεις στις Βρυξέλλες.
Σε ανακοίνωσή τους οι επικεφαλής της Συντονιστικής Επιτροπής των Ιδιωτών
Πιστωτών Τσαρλς Νταλάρα και Ζαν Λεμιέρ χαιρέτισαν τη συμφωνία, λέγοντας ότι θα
οδηγήσει στη μείωση του χρέους κατά 107 δισ. ευρώ (το 50% του ελληνικού ΑΕΠ το
2011) και επιπλέον μειώνει τις ανάγκες αναχρηματοδότησης κατά 150 δισ. ευρώ έως
το 2020.
Το μέσο επιτόκιο των νέων ομολόγων θα είναι 3,65% για τα 30 χρόνια και 2,63% ώς
το 2020. Θα ξεκινά από 2% για την περίοδο από το φετινό Φεβρουάριο ώς τον
Φεβρουάριο του 2015, θα αυξάνεται σε 3% ώς τον Φεβρουάριο του 2020 και 4,3% έως
το Φεβρουάριο του 2042.
Η μείωση στην ονομαστική αξία θα είναι 53,5%, μεγαλύτερη δηλαδή από το 50% που
είχε συμφωνηθεί. Το υπόλοιπο 31,5% θα δοθεί σε 20 ομόλογα, λήξεως 11-30 ετών
και το υπόλοιπο 11,5% σε βραχυπρόθεσμα ομόλογα του EFSF.
Η ανακοίνωση του IIF στα αγγλικά:
«
Steering Committee of the Private Creditor-Investor Committee for
Greece (PCIC)i
Common Understanding Reached on Key Terms of a Voluntary Exchange of
Privately Held Greek Government Bonds (GGB’s)
Statement by the Steering Committee of the Private Creditor-Investor
Committee for Greece (PCIC)
Brussels, February 21, 2012: A common understanding on the terms and
conditions of new Greek government bonds and GDP-linked securities to be
issued in exchange for privately held Greek government bonds has been
reached between the Government of Greece, endorsed by the Eurogroup and
the Troika, and the Steering Committee of the Private Creditor-Investor
Committee for Greece.
The Steering Committee’s Co-Chairmen, Mr. Charles Dallara, Managing
Director of the Institute of International Finance (IIF) and Mr. Jean
Lemierre, Senior Advisor to the Chairman, BNP Paribas, stated that
today’s announcement is a major step towards implementing the debt
exchange. They said the details of the proposal are being submitted to
the full Committee for its consideration. Committee members will review
these details and the full documentation that will be provided by the
Government of Greece in accordance with their own individual processes.
The Steering Committee recommends that all investors carefully consider
the proposed offer and views the offer, including the terms of the new
Greek government bonds and GDP-linked securities, as building upon, and
being broadly consistent with, the voluntary agreement reached with Euro
Area authorities and the IMF in Brussels on October 27, 2011. The offer
involves a 53.5% reduction in the nominal face value of Greek debt held
by private investors and involves official sector support of €30
billion.
Greece has entered into a broad package of understandings with its
official and private sector creditors of which the debt exchange is an
integral part. If successfully concluded, the debt exchange will be the
largest ever sovereign debt restructuring and could lead to a reduction
in the debt stock of approximately €107 billion for Greece, equal to
about 50% of Greece’s estimated 2011 GDP, and a reduction of the amount
of maturing debt to be refinanced between 2012 and 2020 of about €150
billion.
The proposed offer by Greece is also expected to include coupons well
below market rates, thus further enhancing Greece’s debt sustainability.
The Co-Chairmen said that the agreement would contribute to the broader
efforts of the Euro Area to resolve sovereign debt problems while
supporting global growth and financial stability. They emphasized that
the unprecedented nature of the package underpinning the consensual
resolution of debt restructuring discussions with Greece reflects the
exceptional and unique circumstances of Greece and the broader context
of European government bond markets.
Moreover, during the discussions, the Co-Chairmen underscored the value
of the Group of 20-endorsed Principles for Stable Capital Flows and Fair
Debt Restructuring, which emphasize the importance of voluntary,
transparent, good faith negotiations in the context of crisis prevention
and resolution.
The main features of the offer to be presented by Greece including the
key terms of the new Greek government bonds and GDP-linked securities
are:
• For each eligible privately held Greek government bond 53.5%, of the
principal amount will be forgiven, 31.5% of the principal amount will be
exchanged into 20 new Greek government bonds with maturities of 11 to
30 years replicating an amortisation of 5% per annum commencing in 2023,
and the remaining 15% will be in short-dated securities issued by the
European Financial Stability Facility (EFSF).
• The new Greek government bonds will be part of a co-financing
arrangement with the EFSF €30 billion loan to Greece in order to align
the timing of interest and principal payments and provide for pro rata
sharing and pari passu treatment of these new Greek government bonds
with this EFSF loan.
• The coupon on the new Greek government bonds will be structured so
that it will be 2% for the three year period from February 2012 to
February 2015; then 3% for the following five years 2015 to February
2020; and 4.3% for the period from February 2020 to February 2042. The
weighted average coupon based on the weighted average interest payments
on the outstanding new Greek government bonds for the first eight years
is 2.63%; and it is 3.65 % over the full 30-year period.
• Accrued interest on the existing eligible Greek government bonds will
be provided in short-dated EFSF notes.
• Separate securities related to future GDP growth of the Greek economy
will be offered to investors that could provide them with a modest
increase in yield in the event that growth exceeds currently anticipated
levels. There will be an annual cap on the amount payable on these
securities to avoid an undue burden on Greece in the future.
• The new Greek government bonds, the GDP-linked securities, and the
co-financing arrangement will be governed by English law. The new Greek
government bonds and GDP-linked securities will rank pari passu with all
borrowed monies of the Hellenic Republic.
• The new Greek government bonds will include other terms and conditions
broadly consistent with other European government securities.
In submitting the proposal to the full Committee for its consideration,
the Co-Chairmen noted that the common understanding is conditional upon
the exchange offer incorporating, and being consistent with, the above
terms and the principle of equal treatment of private creditors».