Greece Makes Early Repayment of €6.9 Billion in First Bailout Loans
Early Repayment of Greek Bailout Loans and Economic Impact
Details of the Early Repayment
ATHENS, June 15 - Greece repaid on Monday €6.9 billion earlier than planned to its European peers from its first bailout loans, two sources told Reuters.
Background of the Greek Loan Facility
The loans were part of the Greek Loan Facility agreed in 2010, under which euro zone governments provided about €53 billion in bilateral support at the height of the debt crisis. Greece has yet to repay around €20 billion.
Repayment Timeline and Strategy
• Greece said last year that it would pay off loans granted under the Greek Loan Facility, the first of three in crisis bailouts, by 2031, 10 years before they expire, in annual installments.
Greece’s Debt and Borrowing Status
Debt-to-GDP Ratio
• Greece's debt is estimated at 136.8% this year, below Italy's for the first time in decades.
Recent Fundraising Activities
• Greece raised €3 billion from the reopening of its 10-year last week, covering 95% of its borrowing needs this year.
Reporting Credits
(Reporting by Lefteris Papadimas, Editing by Louise Heavens)
