Greece on Monday repaid its entire debt to the International Monetary Fund (IMF) – nearly two years ahead of schedule. The repayment “closes the chapter” of the 2010 sovereign debt crisis, Finance Minister Christos Staikouras said. The country also saves 230 million euros in interest by early repayment of 1.85 billion euros in emergency loans.
Greece received the green light from the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) at the end of March. As of 2010, these newly created EU institutions, along with the IMF, have saved the country from national bankruptcy with billions of aid.
Despite significant improvements, Greece still has the highest government debt in the eurozone: according to government projections, it will reach 189.6 percent of gross domestic product by the end of the year – compared to 197.1 percent in the previous year and 206.3 percent in 2020.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
