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The first such deal was two weeks ago when the management of Public Power Corporation (PPC), the country’s electricity giant began negotiating with the EIB about a €70 million loan to fund its new natural-gas-powered plant at Megalopoli in the Peloponnese.
The EIB proposed for the first time two new terms, one of them being the possible renegotiation of the agreement should Greece leave the eurozone or should the common currency area break up. The second was placing the agreement under English law, in case of any irregularities in the payback process.
PPC referred the issue to the Finance Ministry, which undertook negotiations with the EIB as it realised that those terms did not just concern PPC but also the general credit policy of the bank towards Greece.