While Greece benefits also from the deferral of principal payments on GLF and EFSF loans by 10 years and a 10-year grace period for interest payments on most EFSF loans. •  In addition, Greece has been receiving the profits made by the ECB and NCBs on their Greek government bond holdings (SMP and ANFA).
•  As a consequence of these actions, the average maturity of the Greek government debt has increased from 6.3 years in 2011 to about 16.5 years by end 2014 and debt servicing costs have decreased to levels comparable with other southern European countries, while the actual debt servicing cost on a cash basis is much lower, i.e.