Best Debt Companys

163 Companies 5,416 Real Customer Reviews

Greece’s Continued Debt Relief Crisis

Posted By:  |  October 9, 2015  |  0 Comment(s)

Greece was granted an €86 billion bailout in the second fiscal quarter to release the economic squeeze the country was under. As a requirement of the bailout, Alex Tsipras, Greek Prime Minister, was pushed to implement tax raises with cutbacks on pension and other austerity measures.

Poul Thomsen

Poul Thomsen, head of the International Monetary Fund (IMF) said Greece is still under economic pressure and has been unable to deal with the public debt through reforms. Significant grace period extensions and longer maturities from its European creditors are now in order.

As predicted in August by Klaus Regling, Managing Director of the European Stability Mechanism, options for easing debt burdened Greece would include loan maturity extensions, suspending interest payments and transferring central bank profits. Although the IMF counteracted claiming the debt was unsustainable and opposed on participation in the bailout until Greece’s debt relief was foreseeable.

“We think that Greek debt has become highly unsustainable,” said Thomsen adding, “We think that Greece cannot deal with its debt without debt relief. Greece cannot deal with debt just through reforms and adjustment,” his mind unchanged since August.

In a Press Briefing on the World Economic Outlook held Tuesday, Oliveir Blanchard, IMF Economic Counselor and Director of Research Department said financial crisises are subject to two main forces: past and future, turning his attention to the Eurozone and its stagnant growth rate earlier this year.

International Monetary Fund 's Economic Counsellor and Director, Research Department Olivier Blanchard smiles during a press conference on the IMF's World Economic Outlook in the IMF's Headquarters April 21, 2010 in Washington, DC. Blanchard said "the world economy is recovering, and recovering better than we had previously thought likely". IMF Staff Photo/Stephen Jaffe

International Monetary Fund ‘s Economic Counsellor and Director, Research Department Olivier Blanchard smiles during a press conference on the IMF’s World Economic Outlook in the IMF’s Headquarters. IMF Staff Photo/Stephen Jaffe

This halted rate of the euro will create no favors for Greece continued debt relief crisis, and it has been speculated Greece may have to return to the drachma, leaving behind the euro.

Discussion on ways to allocate debt relief to Greece have shifted from a nominal risk of loss on the stock to capping gross financing needs, said Thomsen as reported by Jan Strupczewski.

Reported to Reuters on Thursday, the chairman of eurozone finance ministers said there was “broad support for capping Greece’s financing needs at 15 percent of GDP annually.”

“What the exact targets should be, we will have to discuss, but there is no doubt in our mind that if Europe wants to go the route of providing relief by lengthening the grace period and lengthening the repayment period, we are looking at a significant lengthening of the grace period and significant lengthening of the repayment period,” Thomsen said.


  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

Recently Reviewed:

Trending Blog Post:

Want us to review a company?

If there is a debt company that you don't see on our site, and would like us to review, please contact us.

Real Reviews (yes they’re real)

With so many debt relief companies out there, and a lack of sites willing to bring you the HONEST breakdowns of each company, what source can you turn to for the real information you can trust?

We are dedicated to bringing the truth out, and rank debt relief companies as they should be. Through our investigation, and experience with each company, we rank each company, and bring you our honest, unbiased opinion. We also include authentic user reviews by past customers of each company that are moderated and verified.

Like many sites, we are compensated through affiliate relationships with each company we review, however all of our rankings are based on our 11-Point Ranking Criteria.

All reviews are subject to moderation and approval. Any reviews that may resemble false information, or competitors of another company will need to be verified by our staff before being approved and published. We reserve the right to approve or deny any reviews left on this site.