In an enthusiastic post on social media, Prime Minister Kyriakos Mitsotakis welcomed the repayment of the country's memorandum debts to the International Monetary Fund, with the payment of 1.86 billion euros, which would normally be paid by the beginning of 2024.
Here's what he wrote:
«End of the era for the IMF as a lender to Greece!
The government, by prematurely repaying the last of the country's obligations, closes a grey chapter that opened in March 2010, an era that Greeks must not and will never again live through.
Today, despite the international turmoil, the national economy remains firmly on the path of progress and next to the citizen. We said it, we are doing it!»
It should be noted that the early repayment of part of the bilateral loans from 14 eurozone countries (Greek Loan Facility - GLF), amounting to €2.65 billion, corresponding to the 2023 tranches, is still pending and will take place in December, as some countries cited technical difficulties for immediate prepayment. The interest savings from the payment of this part of the GLF are estimated at EUR 25-30 million.
If, however, with the IMF, the unpleasant chapter was closed yesterday, the country will be paying back the European loans for many decades to come. The bilateral loans, totalling €52.9 billion, will be fully repaid in 2041, in instalments of €2.645 billion a year. The ESM loans are repaid in 2060 and the EFSF in 2070.
