The sovereign debt crisis of 2009 and 2010 plunged Greece into a deep crisis. The International Monetary Fund has been propping up the country – until now. Two years before the deadline, Greece has repaid its entire debt.
Greece on Monday repaid its entire debt to the International Monetary Fund (IMF), almost two years ahead of schedule. The repayment “closes the chapter” of the 2010 sovereign debt crisis, declared Finance Minister Christos Staikouras.PAID Corona Greece 1550
The country will also save 230 million euros in interest by repaying 1.85 billion euros in emergency loans early.
Greece repays debt to IMF two years ahead of schedule
Greece received the green light from the European Stability Mechanism (ESM) and the European Financial Stability Facility (EFSF) at the end of March. Starting in 2010, these newly created EU institutions, together with the IMF, saved the country from national bankruptcy with billions in aid.
The Mediterranean country still has the highest national debt in the euro area
Despite significant improvements, Greece still has the highest national debt in the euro zone: According to government forecasts, it should amount to 189.6 percent of gross domestic product at the end of this year – compared to 197.1 percent in the previous year and 206.3 percent in 2020.Greece vegetarian 14.00
Source: Stern
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