Analysed the debt development for Spain, Greece, Italy by performing debt sustainability analysis and checking the debt to GDP and deficit to GDP ratios. Set an economic reform strategy for revenues and expenditures and debt reform strategy by introducing the medium term debt management strategy MTDM, applying Debt Restructuring to reduce the contracted interest rates on debt services and Debt Refinancing by replacing the existing debt instruments (loans and bonds) by more favorable instruments to reduce the cost of debt service