Greece repays last tranches of IMF loans

© . FILE PHOTO: The International Monetary Fund logo is seen in headquarters at the end of the IMF/World Bank annual meetings in Washington, US, on Oct. 9, 2016. REUTERS/Yuri Gripas/File Photo/ATHENS File Photo () – Greece has paid off the last tranches of the emergency loans to the International Monetary Fund earlier than expected, the finance ministry said Monday. Greece has received three international bailouts from the eurozone and the IMF worth €280 billion ($307.19 billion) since 2010. “Greece today completed repayment of its debts to the IMF,” Finance Minister Christos Staikouras said in a statement. After previous prepayments to the IMF, Greece owed 1.9 billion euros in loans by 2024, the latest batch totaling 28 billion euros that the Fund provided between 2010 and 2014. This move will allow Athens to reduce the cost of debt service, as IMF loans are more expensive than its debt to EU institutions. By paying off the IMF early, Greece will save 230 million euros, according to Staikouras. Last week, the European Stability Mechanism (ESM) said it agreed to allow Greece to repay the IMF without a proportionate early repayment of its loans to EU authorities. ($1 = 0.9115 euros)

Leave a comment