Fast facts: Greece second bailout package

Greece has been granted a second, C130 billion ($172 billion) bailout package and a C107 billion ($142 billion) debt relief deal with private creditors, in exchange for tough austerity measures and other concessions.

Here are the main points of the deals.

Bailout package:

-C30 billion ($40 billion) as a one-off payment to Greece’s private sector creditors to get them to participate in a bond swap deal, described below. That figure assumes full participation.

-C40 billion ($39.8 billion) for the Greek government to use to rescue its banking sector, which risks collapsing under the weight of losses incurred in the bond swap. About C10 billion of that sum is carried over from Greece’s first bailout.

Get breaking National news

Get breaking Canada news delivered to your inbox as it happens so you won't miss a trending story.

Sign up for breaking National newsletter Get Started

By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.

-C60 billion ($80 billion) to be used to finance national debt.

-Aims to bring the debt load to 120.5 per cent of GDP by 2020, from about 160 per cent currently.

-The European Central Bank and national central banks in the eurozone will forgo profits on their Greek bond holdings.

Bond swap:

-Private sector creditors, including Greek and foreign banks, pension funds and investment groups, will agree to voluntarily swap their existing Greek bonds with new ones worth 53.5 per cent less, with a longer repayment period and lower interest rate.

-The deal will cut off about C107 billion ($142 billion) from C206 billion ($273 billion) Greece owes private creditors.

-Private creditors will exchange the Greek government bonds for a payment of C30 billion ($40 billion) from the bailout package, plus C70 billion ($93 billion) in new bonds.

-The interest rates on the new bonds will range from 2 per cent to 4.3 per cent between now and 2042.

Concessions from Athens:

-Austerity reforms worth C2.5 billion ($3.3 billion), including cuts to the military budget, subsidies to remote islands, public investment and pension funds and subsidies.

-Greece will have an escrow account to make sure that new bailout funds are earmarked for repaying debt ahead of other government spending.

-Greece will introduce legislation that ensures servicing its debt is made a priority.

-The leaders of Greece’s two biggest parties gave written commitments to uphold the terms of the bailout deals even after general elections, which is tentatively set for April.