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Europe

European bailout head hopeful on Greek debt relief this year

Associated Press
Published | Updated
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    The Managing Director of the European Stability Mechanism Klaus Regling, left, talks with Cypriot President Nicos Anastasiades during their meeting at the presidential palace in capital Nicosia, Cyprus, Tuesday, Nov.1, 2016. Regling is visiting the island for talks about the economic situation following the financial bailout. (AP Photo/Petros Karadjias) (The Associated Press)

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    The Managing Director of the European Stability Mechanism Klaus Regling talks with Cypriot President Nicos Anastasiades during their meeting at the presidential palace in capital Nicosia, Cyprus, Tuesday, Nov.1, 2016. Regling is visiting the island for talks about the economic situation following the financial bailout. (AP Photo/Petros Karadjias) (The Associated Press)

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    Cypriot President Nicos Anastasiades, right, talks with the Managing Director of the European Stability Mechanism Klaus Regling during their meeting at the presidential palace in capital Nicosia, Cyprus, Tuesday, Nov.1, 2016. Regling is visiting the island for talks about the economic situation following the finaincial bailout. (AP Photo/Petros Karadjias) (The Associated Press)

NICOSIA, Cyprus – The head of the eurozone's bailout fund says his institution will come up with initial proposals to ease Greece's massive debt burden before the end of the year.

Klaus Regling says the European Stability Mechanism, or ESM, is working on short-term debt relief measures aimed at reducing the Greek economy's vulnerability to interest rate payments.

He said after talks with Cypriot president Nicos Anastasiades Tuesday that further measures will come if Greece sticks to the commitments it made in its third bailout with European creditors last year.

Greece is pressing creditors to start talks on debt relief measures — with longer maturities and a more even repayment schedule — but has faced opposition from main creditor Germany.

Greece's debt burden stands at around 180 percent of the country's GDP.