Greece Repays €2 Billion to IMF

Greece repaid the roughly 2 billion euros ($2.2 billion) it owed to the International Monetary (IMF) on Monday, the international body reported.

“I can confirm that Greece today repaid the totality of its arrears to the IMF, equivalent to SDR 1.6 billion (about EUR 2.0 billion). Greece is therefore no longer in arrears to the IMF,” said Gerry Rice, director of communications at the IMF in a statement on Monday.

“As we have said, the Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth.”

The confirmation came after Reuters cited finance ministry officials saying that Greece had begun to repay the total of 6.25 billion euros ($6.8 billion) it owed to both the European Central Bank (ECB) and the IMF.

However, experts are worried that the next round of bailout talks is skating over one vital subject: Debt relief.
According to Reuters, Athens on Monday began paying back 4.2 billion euros in principal and interest to the ECB and 2.05 billion euros in arrears it has owed the IMF since it stopped repaying its debts at the end of June.

It is also repaying a 500 million euro loan to the Greek central bank.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza