07/07/2020 (Agence Europe) – The Board of Directors of the EFSF Facility, which preceded the European Stability Mechanism (ESM), announced on Tuesday 7 July the abolition, for the period January-June 2020, of the step-up margin on interest rates applied to loans granted in 2012 to Greece. This measure allows a reduction of the Greek debt service of €103,64 million. In addition, the ESM will transfer to Greece €644.42 million corresponding to the profits made by the European System of Central Banks on the acquisition of Greek debt securities (SMP/ANFA transactions) at the height of the sovereign debt crisis. This relief, worth €748 million, was made possible with the green light from the Eurogroup, satisfied with the budgetary seriousness and the continuation of the reforms underway in Greece (see EUROPE 12505/15). (MB)