Who does Greece owe its € 284 billion in debt to?

THE ECO / INTERACTIVE CONTENT SCAN – How much does Greece owe? Whose ? When will she have to repay? Detailed review of the Greek debt and its maturities which run until… 2054!

Greece a. She asked the IMF to consolidate its four June deadlines and settle them all at once on June 30. What the IMF flatly accepted, because its regulations allow it. But after that, it’s over: there will be no more tricks or possible excuses. It will take an agreement between Greece and all its creditors. Because without agreement, no money (Greece is waiting for the payment of a tranche of aid of 7.2 billion euros blocked since the summer). And without money, no refund possible on June 30. Because Greece has no more money in its coffers.

In addition to this crucial deadline of June 30, Greece will have to reimburse another… 284 billion euros! But this astronomical sum, which still represents a little less than 160% of its GDP (the country’s GDP at the end of 2014 was 179 billion euros), will be repaid over hundreds of maturities over 40 years. Until 2054, to be precise.

It’s not just the IMF that Greece owes money to. Of the 284 billion euros in debt, the Fund only holds 24 billion euros (depending on the exchange rate of the euro against SDRs, special drawing rights – a kind of currency created by the IMF – which was 1.25 euros on June 4). Greece has deadlines to meet with the IMF until 2024.

The ECB (European Central Bank), for its part, holds 27 billion euros of Greek debt, or just under 10%. That Greece will have to repay between 2015 and 2037.

In reality, the biggest holder of Greek debt is the EFSF: the European Financial Stability Fund. More commonly known as the European Relief Fund, the EFSF was created in May 2010, at the start of the mad debt crisis in the euro zone, to provide financial assistance to a troubled euro zone State. The EFSF has therefore helped Greece to the tune of 131 billion euros, with repayments stretching from 2023 to 2054.

The other euro area Member States are also creditors of Greece’s debt. Not only directly, via bilateral loans, to the tune of 53 billion euros (the breakdown of which by country is detailed in the infographic above). But also via the EFSF. Because the EFSF is guaranteed by the Member States, in amounts that depend on their participation in the capital of the ECB. Suddenly, via the EFSF, Germany guarantees 41.3 billion euros of Greek debt. For France, it is 31 billion.

In all, Germany is thus exposed to the tune of 56.5 billion euros and France, to 42.4 billion. Or more than 600 euros per French.