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Their debt relief measures — lowering interest rates on some debt, lengthening deadlines for debt payments, buying back debt and handing profits on Greek bonds bought by the European Central Bank back to Athens — amounted to a kind of backdoor debt forgiveness.
On Tuesday night, ministers examined options, including lowering interest rates on Greek debt, lengthening the deadlines for repayments and allowing Greece to buy back its bonds at a steep discount.
In an effort to address the added costs, the ministers ranged over options from lowering interest rates on Greek debt, lengthening the deadlines for debt repayments, allowing Greece to buy back its bonds at a steep discount, and asking the European Central Bank to return profits made on Greek bonds.
pressed ministers to agree that Greece's debt should be cut by about 20 percent of G.D.P. through methods that include the debt buyback program at discounted prices, lowering interest rates, lengthening the deadlines for debt repayments, and returning profits to Greece made on bonds bought by the European Central Bank.
The deadline was lengthened in 1997 to seven years.
Politicians and officials in Brussels and Germany appeared to suggest that the new Greek leader's demands could be at least partly satisfied by extending the repayment schedule on the bailout loans or lengthening the target deadlines for cutting the budget deficit.
Deadlines for "punishing" failed schools were lengthened; the definition of "adequate yearly progress" was blurred.
Security queues immediately lengthened.
Rallies lengthened, breaks multiplied.
The night lengthened.
Songs lengthened and shortened.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com