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Greece's Bold Move: Early Repayment of Bailout Loans
Greece is set to repay the remaining loans from its first bailout program by 2031, a full decade ahead of schedule. This ambitious plan, confirmed by government officials, aims to reduce the country's debt burden and shed its label as the most indebted member of the European Union.
The repayment will proceed in annual increments of €5 billion, supported by a €37 billion cash reserve, higher-than-expected budget surpluses, and new bond issuances. Finance Minister Kyriakos Pierrakakis expressed confidence in this strategy, emphasizing its potential to improve Greece's fiscal standing.
This move comes as Greece continues to recover from the financial crisis that began in 2009, which led to three bailout packages totaling €280 billion. By the end of 2024, Greece had already repaid €22 billion of the €53 billion owed from the first bailout.
With its economy projected to grow by 2.3% this year—twice the eurozone average—Greece is on track to reduce its debt-to-GDP ratio to 135% by 2027. This marks a significant turnaround for a country that has faced years of austerity and economic challenges.
This bold repayment plan not only symbolizes Greece's economic resilience but also sets a precedent for fiscal discipline and recovery within the EU.
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