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EU approves Greece's repayment of IMF loans

Greece |
The euro zone’s rescue fund, the European Stability Mechanism, agreed on Monday to allow Greece to pay back earlier some of its debt to the International Monetary Fund, the ESM said in a statement.

Topics: GREECE    IMF    LOANS   

The move, which concerns loans worth around 2.7 billion euros ($3.0 billion), allows Athens to reduce its debt-servicing costs, because IMF loans carry higher interest than Greece would now pay on the market.

The decision followed a Greek government request to the ESM in September to repay some of its loans to the IMF, which were worth about 9 billion euros.

“Greece’s early partial repayment to the IMF will be beneficial for both Greece and the ESM,” said the fund’s chief, Klaus Regling.

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