Greece is poised to repay its first bailout loans a decade early, targeting full clearance by 2031, government officials revealed. With annual €5 billion installments, the nation aims to shed its status as the EU’s most indebted country, leveraging a €37 billion cash reserve and robust fiscal gains. Finance Minister Kyriakos Pierrakakis called the plan “realistic,” signaling Greece’s steady recovery from the 2009-2018 debt crisis that nearly upended the eurozone.
Tag: IMF
Greece will repay €5 billion in eurozone bailout loans by 2025, continuing its early repayment efforts as the economy recovers from its debt crisis. Prime Minister Kyriakos Mitsotakis also criticised the wide energy price disparities within the EU, calling the current market framework “unacceptable” and urging the creation of a bloc-wide energy regulator.
The German newspaper Handelsblatt reports that Greece has made significant progress in reducing public debt, with the government planning an early €8 billion repayment to creditors this December. Economy and Finance Minister Kostis Hatzidakis announced that this payment aims to further decrease the debt ratio, which has fallen from 209% of GDP in 2020 to 163.9% in 2023. Forecasts from the IMF and credit rating agency Scope suggest that Greece’s public debt could drop to 139.4% and 132.8% of GDP, respectively, by 2029.
Greek National Economy and Finance Minister Kostis Hatzidakis will attend the annual IMF and World Bank meetings in Washington this week. He will participate in key discussions on climate action, the global economy, and Ukraine. Hatzidakis will also hold talks with IMF Managing Director Kristalina Georgieva and meet with top investment and banking leaders.
Greece has raised €9.1 billion from financial markets in 2024, nearing 91% of its annual loan program target. With a borrowing plan of €7 billion to €10 billion, the country is taking advantage of favorable market conditions. The International Monetary Fund projects Greece’s public debt will decline to 138% of GDP by 2029.
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