Greece repays first eurozone bailout loans ahead of schedule

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The Greek government said it has repaid ahead of schedule 5.29 billion euros of loans owed to other eurozone member states under the first bailout aid package it received during the debt crisis. The 5.29-billion-euro loans of the Greek Loan Facility were due in 2024 and 2025, Xinhua news agency quoted a statement issued by the Ministry of National Economy and Finance. The sum is part of the first bailout package agreed in May 2010 that provided Greece 52.9 billion euros from the eurozone and 20.1 billion euros from the International Monetary Fund (IMF) to cope with an acute debt crisis, the statement added.

Greece signed three such bailout agreements worth more than 260 billion euros with maturities spreading to 2041. Through a tough austerity and reform program the country averted financial meltdown, achieved economic recovery and returned to bond markets for borrowing. A year after exiting the bail-out program in 2018, Greece began to repay loans provided by the IMF. In February 2022, it repaid all the IMF rescue loans two years ahead of schedule. “Early loan repayment certifies the upward course of the Greek economy and contributes to the creation of even more positive prospects for the coming years,” National Economy and Finance Minister Kostis Hatzidakis commented.