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
Athens Int’l Airport: 16.2% EBITDA Increase and 16.5% Passenger Growth in Q1 2024
Following the strong performance in the first quarter, the company revised its annual passenger traffic forecast for 2024 to 29.9 million passengers, a 6.3% increase (or roughly 1.8 million passengers) from 2023 levels.
Oxford Economics Report: Greek Economy is Just Below Risk Zone
However, the report points to a persistent challenge in the form of commercial credit risk, which remains high at 8 out of 10, ranking Greece 104th internationally
Deadline for Postal Vote Registration Expires on Mon.
More than 157,000 Greek citizens had registered on the relevant online platform so far
Orthodox Palm Sunday Today; Shops Open in Greater Athens-Piraeus Area
Orthodox Holy Week begins on Monday, April 29, and ends on Sunday, Easter Sunday or Great and Holy Pascha (May 5)
Greek Retailers Remain Optimistic About Easter Shoppers’ Turnout
While stores are expected to be open on Sunday, April 28, the majority of Easter shoppers will likely do their shopping during the Holy Week, following the deposit of Easter bonuses
Europeche: Greek Apricot Production Recovers
Europeche forecasts the production will bounce back despite a slight decrease in varieties attributed to high winter temperatures
Bank of Greece (BoG): Business-Household Deposits Up 1,675bln in March 2024
In March 2024, the monthly net flow of credit to the general government was negative by 469 million euros
FT: Greece’s Economic Rebound a Balance of Growth and Poverty
Eurostat data revealed a significant 10.8% drop in Greek public debt relative to GDP in 2023, alongside a 2% economic expansion, outpacing Germany's performance.
Lavrio Port Authority Next Up for Privatization
A deadline for the submission of expressions of interest is May 14, 2024
Eurostat: Greece Records Largest Drop in Natural Gas Prices in 2nd Half of 2023
The price of electricity and natural gas in Europe was down following a substantial surge that began before the Russian invasion of Ukraine and peaked in 2022
