World Once in the thick of a debt crisis, Greece now leads the bloc’s growth as the country repays its multi-billion-dollar loans ahead of time

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Greece plans to repay bailout loans worth a total of €8 billion ($8.6 billion) ahead of schedule, underscoring the country’s progress in recovering from the debt crisis, Prime Minister Kyriakos Mitsotakis said.

The early repayment corresponds to three years of installments and represents the third time that Greece has moved to accelerate reimbursement of a loan package received in its first bailout program in 2010. The latest move will be the first time the country is making that much of a dent in the Greek Loan Facility.

“We actually did a lot since we were reelected” last year, he said in a Bloomberg interview on Wednesday at the prime minister’s office in Athens. “When it comes to the market transactions, they probably exceeded expectations.”

The move, which covers loan amortizations from 2026 to 2028, is a confident signal to financial markets about the country’s ongoing economic recovery. Even though the government lowered its growth target for 2024 to 2.5% from a previous estimate of 2.9%, the country is performing well above the average growth forecasts in the European Union.

“There was a real appetite for Greek assets,” he added. “The market seemed to believe our long-term goal story and also believe that this government is stable and here to stay in the long term.”

 
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