Greece’s Public Debt Management Agency (PDMA) is planning another early debt repayment, expected to take place in 2025, according to sources, before the previous early repayment of 7.93 billion euros in bilateral loans (Greek Loan Facility) from the first bailout, is completed.
These sources indicate that the planned repayment of the aforementioned loans—initiated at the beginning of 2024—will be completed by mid-December, after which preparations for the next repayment will begin.
This subsequent debt repayment is expected to be completed by Sept. 2025, with an amount of at least 5 billion euros. The current repayment has already received approvals from the Euro Working Group (EWG), as the same sources have mentioned, so no hindering issues are anticipated.
The Greek side seems to have already shifted its focus towards the next repayment of bilateral loans (GLF), aiming to improve the profile of Greece’s public debt. However, Greece’s debt profile is set to face a setback due to a forthcoming adjustment from Eurostat, which has notified Greek authorities of its plans to revise the country’s public debt figures.
The revision will involve adding 12 billion euros of deferred interest, from a total of 24 billion euros, tied to the 90 billion euros loan Greece received from the European Financial Stability Facility (EFSF) in 2012.
Even though during the 2018 debt settlement agreement, Greece’s creditors had agreed that the total amount of deferred interest from this loan would have a grace period until 2032.
Nevertheless, Eurostat appears intent on making this adjustment, which will affect Greece’s debt-to-GDP ratio. The result will be a 4.8 percentage point increase in last year’s debt, impacting the figures for the coming years as well.
In order to accelerate the reduction of Greek public debt, the PDMA plans to use cash reserves both in 2025 and in 2026, while also reducing the European Stability Mechanism (ESM) buffer. The goal is to repay old bailout-related debt, such as the bilateral loans.
Source: tovima.com
στο Google News και μάθετε πρώτοι όλες τις ειδήσειςLatest News
Tender for Repairs on Athens Olympic Stadium’s (OAKA) Iconic Roof
Tender for OAKA project, which is expected to exceed 78 million euros, stipulates that repairs, maintenance must be conducted while venue remains open for events
Louis-Dreyfus Family Eyes 21% Stake in Thessaloniki Port
The newly created Amsterdam-based LeonidsPort company has submitted a voluntary public offer for 21%
EUIPO Throws Out Turkaegean Trademark
The trademark had been filed by the Türkiye Tourism Promotion and Development Agency (TGA) in 2021 and immediately generated heated opposition by Athens
Economic Sentiment Indicator in Greece Drops Slightly in Dec.
The data revealed that the primary drivers of the slight drop were the industrial and retail trade sectors. Conversely, construction and consumer confidence improved.
Greece’s Trade Deficit Surges by 18.7% in Nov. 2024
For the first 11 months of 2024, the total value of imports reached 77.3793 billion euros, a 1.9% rise compared to 75.9482 billion euros in the same period of 2023.
Installing EV Chargers in Your Building is Harder than You Think
So, you just bought an EV in Greece and can’t wait to set up a charger in your apartment building’s parking space? Not so fast—there are a few hurdles you’ll need to clear first.
Greece Announces Grants to Unemployed for New SMEs
Unemployed individuals seeking 12-month grants to fund the creation of new SMEs can apply online until January 21.
Port of Piraeus Reports Record-breaking Year for Cruise Sector
First cruise ship of the season, Viking Saturn, greeted at Greece's largest, busiest port
Greek Energy Minister Skylakakis Announces Subsidies to Mitigate Electricity Prices
“When prices exceed a certain threshold, we intervene,” said Skylakakis
Mitsotakis: Greece is a Beacon of Stability in an Unstable World
Greek Prime Minister Kyriakos Mitsotakis described Greece as a "beacon of stability in an unstable world" following the Epiphany water blessing ceremony at Dexameni Square in Athens.
