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ESM's Regling: Majority stake held by institutional creditors in Greece's debt means stability, low servicing costs


European Stability Mechanism (ESM) Managing Director Klaus Regling, amongst the “old hands” of the past decade’s Greek bailout memorandums, on Friday emphasized that the fact the EU’s emergency fund holds 55 percent of Greece’s debt is a substantial benefit for the country’s economy.
Regling, who is also the CEO of the European Financial Stability Facility (EFSF), said no other country in the world has such a high percentage of its debt held by institutional creditors, in this case other EU partners, Euro-zone members’ central banks and the ECB, which translates into stability and a low cost of servicing the debt. ....

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