- More than ten years ago, Greece’s debt crisis made headlines. The country has now paid off all of its debts to the International Monetary Fund (IMF).
- That’s nearly two years before what was originally planned.
- The Greek Finance Minister said that this will close a chapter of the debt crisis.
- However, despite the improvements, Greece still has the highest national debt in the Eurozone.
The state also saves 230 million euros in interest by repaying 1.85 billion euros in emergency loans early.
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, the newly created institutions of the European Union, along with the International Monetary Fund, saved the country from national bankruptcy with the help of billions.
The repayment closes the chapter of the 2010 sovereign debt crisis.
Despite the notable improvements, Greece still has the highest national debt in the Eurozone. According to government projections, it should be 189.6 percent of GDP by the end of this year – compared to 197.1 percent last year and 206.3 percent in 2020.
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