News Karnataka
Friday, April 19 2024

Greece repays last tranche of IMF bailout loans early: FM

Christos Staikouras
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Athens: Greece has repaid in advance the final tranche of its bailout loans from the International Monetary Fund (IMF), Finance Minister Christos Staikouras announced.

“A chapter which opened in May 2010 when Greece resorted to the Fund, closes. It is a very positive development,” Xinhua news agency quoted the Minister as saying.

By repaying two years ahead of schedule, Greece will save 56 million euros ($61.4 million) in interest payments, he said.

A series of early repayments of IMF loans since 2019 have saved the country a total of 230 million euros in interest, the Ministry said.

From 2010 to 2018, the country relied on loans from the IMF and the eurozone to avoid bankruptcy amidst a severe debt crisis.

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