Greece will for the first time repay earlier its loans of 2.7 billion euros owed to eurozone countries, under the first memorandum, finance ministry officials told Reuters, on Thursday.
The country, the most indebted in the eurozone, exited its third and final memorandum in 2018 and has since been financing itself from markets to meet its borrowing needs. This will be the first time it will repay debt to the eurozone earlier than planned. It is also a move aimed at improving debt sustainability.
“We plan to repay earlier the amount of 2.7 billion euros of GLF loans maturing in 2023,” one of the officials told Reuters, adding that the payment will be made by the end of the year.
“This will normalise our debt maturity profile and reduce next year’s borrowing needs in a rising interest rate environment,” the official added.
Greece received 53 billion euros in intergovernmental loans from eurozone countries (GLF) under the first memorandum with repayments extending until 2041. With this move, Greece will have repaid a total of 8 billion euros by the end of the year.
Earlier this year, the finance ministry moved to repay the last loans to the IMF, two years ahead of schedule. It started paying off the GLF in 2020. The country has a cash reserve of 39 billion euros and could cover its borrowing needs for at least two years without resorting to borrowing from the markets.
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Surge in Investment and Soaring Housing Prices Across Greece
Greek housing prices have climbed sharply, recovering to 2011 levels and edging closer to their 2007 peak.
Greek Kiosks are Dying Out
The iconic Greek kiosk is dying out, and the empty shells remain to remind us of an urban everyday life that no longer exists.
Property Website: Athens-Area Residences Sold Within 6 Months, on Average
Data presented by the platform also shows higher prices in first 3 quarters of 2024
Bank of Greece Hails Economic Progress but Warns Stronger Growth Needed
Today's Bank of Greece Interim Report on Monetary Policy depicts a healthy economy, but warns that stronger growth is needed to fully overcome the economic crisis
Greek Christmas Dinner Costs Surges in 2024
The estimated cost for this year’s Christmas dinner (serving 6-8 people) ranges from 107.54 euros to 148.89 euros
Attica Bank to Eliminate Fees on More Banking Transactions
Attica Bank emphasized that these changes reflect its commitment to providing competitive and high-quality services
Cash Still Reigns in Greece Despite Surge in Electronic Payments
However, the ECB has expressed its opposition regarding legislative efforts by member states to restrict cash usage as a means of combating tax evasion.
Minister: Tourism Revenues in Greece to Hit €22 Billion in 2024
Sustainable development, investments, new offerings, upgraded training at the core of Greece's tourism strategy.
Greece: Double Salary Increase in Private Sector Coming Next Year
Starting from Jan. 1, 2025, social security contributions will be reduced by one percentage point with the aim of easing the burden on both employers and employees.
Eurostat: Inflation in Greece Drops to 3% in Nov., Remains Above EU Average
Greece recorded a higher inflation rate than the EU average, ranking tenth among the countries with the highest inflation rates, for this year
![Τουρισμός: Στα 2,2 δισ. τα τουριστικά έσοδα του Οκτωβρίου – Αύξηση 19,7% [πίνακες]](https://www.ot.gr/wp-content/uploads/2024/10/ot_tourismos_nisia-90x90.png)
