Euro zone bailout chief backs Greek plan for early IMF repayment in October

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Euro zone bailout chief backs Greek plan for early IMF repayment in October
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The head of the euro zone's bailout fund, Klaus Regling, said on Friday he ...

FILE PHOTO - European Stability Mechanism Managing Director Klaus Regling speaks during the 23rd Economist Roundtable with the Government of Greece on"Europe: leaving indecisiveness behind?", in Lagonissi, near Athens, Greece, July 16, 2019. REUTERS/Alkis Konstantinidis

At an informal meeting of euro zone finance ministers in Helsinki on Friday, Greek Finance Minister Christos Staikouras presented his plan to repay earlier about 3 billion euros of IMF loans, which carry a punitively high interest rate of 5.1%. “I welcome the intention to proceed with the early repayment of the expensive part of the IMF loans,” Regling said. “We will do the necessary preparations.

The euro zone bailout fund’s approval is necessary because under the lending deal Athens has with the euro zone, if it wants to repay early any creditors it has to offer proportionately the same deal to the euro zone as well.

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