Greece repays IMF debt two years ahead of schedule

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Greece has paid off its entire debt from the financial crisis to the International Monetary Fund (IMF), two years ahead of schedule.

Finance Minister Christos Staikouras said the repayment “closes the chapter” that was opened in May 2010.

“[This is] a very positive development,” Staikouras, 48, stated, adding that the country could save around €230 million in interest.

Greece’s European Union bailout lenders gave the formal go-ahead last week for the early repayment of the outstanding loans worth €1.86 billion.

Three successive bailouts totalling some €260 billion between 2010 and 2018 prevented Greece from going bankrupt and exiting the shared euro currency - of which the IMF lent €28 billion between 2010 and 2014.

But successive Greek governments were forced to implement painful budget cuts and tax hikes that led to a surge in unemployment and poverty - with GDP still 25% below 2008 levels.

At: https://www.euronews.com/2022/04/05/greece-repays-imf-debt-two-years-ahead-of-schedule-says-finance-minister

Greek Finance Minister Christos Staikouras during a recent press conference.

The early repayment to the IMF of nearly €2 billion of some €28 billion borrowed from the Fund during the country's economic crisis in 2010-14 was described by Staikouras as “closing the chapter.”