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ESM/EFSF allow Greece to make early repayment to IMF

GREECE
  • The ESM/EFSF have formally allowed Greece to repay a further E3.3bln to the IMF.
  • This follows a payment of E2.7bln to the IMF in 2019.
  • Under the terms of the ESM/EFSF agreements, payments can only be made to the IMF if similar proportional repayments are made to the ESM/EFSF concurrently. However, the IMF funding is at a higher interest rate, and as with other countries that received bailouts in the sovereign debt crisis, the ESM/EFSF has waived this obligation.
  • Remember that Greece's funding programme for 2021 was scenario based, dependent upon whether it repaid "additional possible early prepayments of official and private sector debt". This scenario sees Greece raise E12bln in M/T and L/T issuance in 2021.
  • This announcement was in line with expectations after the Greek government made a formal request on 8 February.
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