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Greece to request permission for early repayment of IMF loans

Christian Fernsby |
Greek government will submit at Friday’s Eurogroup a request for an early repayment of some of its IMF loans, Premier Kyriakos Mitsotakis told the annual Thessaloniki International Fair during the weekend.

Topics: GREECE    IMF   

"We will save approximately 75 million euros a year from this action alone," Mitsotakis said, adding, that lower interest rates facilate the government's policy.

The rate on the IMF loans is 5.13%, compared to its average 1.4% cost of EFSF and ESM funding and a coupon of 1.875% on its recent 7-year bond issuance.

Greece plans to repay 3.0 billion euros owed to the IMF this year and next, out of some 8.6 billion euros of total IMF loans maturing by 2024.

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