Euro zone countries are preparing some minor debt relief for Greece.
The E.U. bailout fund, the European Stability Mechanism, would be used to safeguard the country against the risk of rising interest rates. The details are laid out in an ESM document that Handelsblatt has obtained.
The ESM replaced the European Financial Stability Facility or EFSF as the bloc’s bailout fund in 2012. In the summer of 2015 Greece’s troika of creditors – the European Union, the European Central Bank and the International Monetary Fund – agreed to a third bailout for the struggling country since 2010 worth €86 billion, which was tied to a series of economic reforms.