Public debt reduced by 26 billion.

During the press conference after the Brussels EU Summit, Prime Minister Giorgos Papandreou noted the 21st July agreement on debt reduction by 26.1 billion – ie 12% of the GDP.

Mr. Papandreou stressed that his strategy vindicated both his choices and Greece alike, starting from the avoidance of bankruptcy and now reaching a sustainable debt, in full assurance of Greece's borrowing needs up until 2020, as well as the alleviation of the burden borne by every Greek family.

“We negotiated hard, according to plan, so that Greece does not go bankrupt, so that no family lives through that. Nobody can imagine the amount of effort this took”, he said, stating the difference between the conclusions of the session and the original forecast.

The prime minister stated that through the agreement:

- The total time for debt repayment doubles to 40
- The average cost of services falls below 5%
- There is a possibility of repurchasing the debt from the EFSF

- An exchange of bonds with 30-year bonds that are marked through the EFSF guarantee reduces the Greek debt by 26 billion.
- Liquidity is assured for the Greek banking system
- By 2016, the load will have been lightened by 3 billion euros.

The Prime Minister, answering journalists’ questions, stated that he is creating the prospects for the sustainable development of the economy and ruled out the possibility of new measures in the future.

“Instead, using our program, we can achieve the relief of Greek citizens”, he stated.