Greece Debt Free is nonprofit, non-political and non-governmental organization that uses donations to buy Greek government bonds in international markets at prices much lower than the amount owed by the Greek government. Greece Debt Free aims to reduce the debt, helping to wipe clean the nation's slate.
As GDF's website states:
GDF is fully transparent and operates under the laws of the State of Delaware. It is subject to U.S. Charitable Foundation laws, which exclude it from political influence. It has no employees, is run by volunteers and concerned patriots, and its operating expenses are negligible.
The Greek national debt affects all of us in different ways. Understanding that Greek national debt is being bought and sold by financial speculators at prices lower that what we owe is important.
In addition the second support package of 130€ billions was also approved by the Euro-group.
It should be noted that the "haircut" was much lower than the 70% that initially discussed and the exchange of the bonds will start in the next few days.
With the new support package of 130€ billions, the Greek debt will be formed in 2020 to 120.5% of GDP, slightly above the 120% which countries such as Germany, the Netherlands and the IMF wanted.
The EU Summit decisions are presented below as reported by capital.gr:
The new European Agreement will comprise of Eurozone’s 17 member states and six more nations however not all of 27 EU countries, according to the President of European Council Herman Van Rompuy.
Van Rompuy and Christine Lagarde stated that the countries will give supplemental funds of €200 billion to the IMF.
In addition, the President of European Council said that the EU member states will present their draft budgets to the European Commission. He also admitted that the intergovernmental agreement encounters obstacles, but a extensive agreement could not be achieved at this time.
In his interview, Mr. Schaeuble said that "In exchange for continued and more long-term assistance from the members of the euro zone, Greece will have to take tough measures and temporarily relinquish some of its sovereignty".
Almost 60% of Greeks have replied negatively regarding the EU decision that reduced the Greek debt. The majority of Greek people believe that it causes harm to the society, based on a poll on Saturday.
The study was conducted just after Thursday's summit arrangement for the 130 billion euro bailout package.
Eurogroup head Jean-Claude Juncker revealed today that there are talks a haircut of the Greek debt greater than 50 %. Moreover, French newspapera claimed there's also an agreement with banking institutions for a cut between 50 and 55 %.
Heading to the Ecofin meeting of EU economy and finance ministers in Brussels, the Luxembourg Prime Minister mentioned that there have been negotiations about the value reduction of Greek state bonds over 50%, however avoided giving a exact reference to the exact haircut rate which is discussed.