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Greece Seeks Europe’s OK to Repay Part of IMF Loans Early

Greece has asked its European creditors to approve the early repayment of part of its bailout loans from the International Monetary Fund, the country’s finance minister said Monday.

Christos Staikouras said paying off the IMF loans ahead of schedule would reduce debt servicing costs by about 70 million euros ($77 million). He said the average annual interest rate of the IMF loans is 4.9%, while the country can currently borrow raise money much cheaper in the markets — the interest rate on Greece’s 10-year bonds is around 1.6%.

Although the loans are owed to the IMF, European creditors — to whom the read more >>>

Source:: VOANews.Com