Greek Prime Minister Alexis Tsipras, left, and EU Finance Commissioner Pierre Moscovici speak during their meeting at Maximos Mansion in Athens, Monday, Nov. 28, 2016. (AP Photo/Thanassis Stavrakis)
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Greece is pushing its creditors to fix the borrowing costs on its massive debt pile at current low levels in a bid to save millions of euros in coupon payments if interest rates rise. The priority is to fix the repayments on the largest chunk of the 228 billion euros ($241 billion) owed to official creditors from its three financial rescue packages.The 162.7 billion euros is owed to the European Financial Stability Facility and the European Stability Mechanism, created by eurozone governments to help countries in difficulty during Europe's debt crisis, a government official said.The EFSF and ESM borrow money to lend to Greece. Greece is trying to persuade officials to let it to swap these for new fixed-rate, longer-maturity paper.That debt also has a floating rate.If this is applied, along with two other measures recommended by the IMF – extending the maturity of the debt and deferring payments – it would reduce Greece's debt by 53 percent of GDP by 2040 and 151 percent by 2060, the fund has said.
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