Greece will move ahead next month with an early repayment of 6.9 billion euros in debt linked to initial bailout loans provided by European partners, Greek Finance Minister and Eurozone president Kyriakos Pierrakakis said in an interview on Thursday with Reuters.
Through the country’s early repayment program, the country’s public debt is expected to decline further, approaching 130% of GDP by 2027, Pierrakakis said.
Additionally, he praised the work of the Public Debt Management Agency, describing its leadership as the “silent heroes” of Greece’s economic recovery for their role in reducing the debt burden.
Separately, a London court recently ruled that Greece correctly calculated the price at which it repurchased GDP-linked warrants last year, resolving a long-running dispute over the transaction. The case had been brought before the High Court of Justice after trustee Wilmington Trust and a group of creditors argued they had been underpaid compared with market value, resulting in investor losses.
The court found that Greece’s Public Debt Management Agency applied the pricing methodology set out in the bond documentation.
The development follows a year of improving fiscal indicators and debt management efforts, which has tracked the east Mediterranean country’s steady progress in restoring investor confidence and reducing borrowing costs after years of post-crisis strain.
Source: tovima.com
