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Athens once again repays debt early

13 years ago, Greece was in danger of becoming insolvent. Numerous crisis meetings and tough years threatened to tear Greek society apart. But the country fought its way back to the top.

,   and  Max Becker
2 min read
Once again, Greece pays off loans from the debt crisis early. Photo.aussiedlerbote.de
Once again, Greece pays off loans from the debt crisis early. Photo.aussiedlerbote.de

Euro bailout fund - Athens once again repays debt early

Greece has repaid loans totaling 5.29 billion euros ahead of schedule, which would not have been due until 2024 and 2025. These are bilateral loans that were granted to Greece by other EU states in 2010 as part of the first bailout package to prevent the country from becoming insolvent, according to the Ministry of Finance.

Greece had also already repaid its entire debt to the International Monetary Fund (IMF) in 2022 - almost two years earlier than planned.

Greek Finance Minister Kostis Chatdidakis commented on the current repayment: "The early repayment of the loans is proof of the upward trend of the Greek economy and contributes to an even more positive outlook for the coming years."

Read also:

  1. However, the debt crisis in Greece still casts a shadow over its finances, with the European Stability Mechanism (ESM) and the EU troika closely monitoring the country's economic progress.
  2. The EU and the ESM have been closely involved in Greece's financial affairs since the 2010 debt crisis, with the so-called troika (the ESM, the European Commission, and the International Monetary Fund) providing financial assistance and policy advice.
  3. Christine Lagarde, then head of the IMF, played a key role in the troika's efforts to help Greece navigate its debt crisis.
  4. Wolfgang Schäuble, the former German finance minister, was also a prominent figure in the EU's response to the Greek debt crisis.
  5. At a recent Crisis meeting in Athens, Greek officials unveiled a plan to tap into further loans from the IMF, in part to ensure a safety net in case of any future financial turbulence.
  6. The IMF and other international institutions have expressed concerns about Greece's ability to fully recover from its debt crisis, citing structural issues in the country's economy and the risk of a "parachute" bailout from Brussels if things go wrong.
  7. Despite recent positive developments, Greece's path to financial stability remains fraught with challenges and will continue to be closely watched by EU financial institutions and analysts.

Source: www.stern.de

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