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Request to complete IMF payments approved by ESM / EFSF

GREECE
  • The ESM and EFSF have given permission to Greece to make a final early repyament of its IMF loans and an early repayment to the Greek Lending Facility (GLF) - the latter representing the bilateral loans Greece received during the soverign crisis.
  • The payment of E1.86bln to the IMF will mean that Greece has finished repaying its IMF borrowings entirely.
  • A payment of E2.65bln that was originally due as part of the GLF in 2023 will also be repaid early. At the end of 2021, the GLF accounted for around 14% of Greece's E350bln debt (so around E50bln in total, down from the E52.9bln originally borrowed).
  • These early repayments had been anticipated in Greece's funding plan for 2022. No further repayments are expected in 2022 at present. The ESM / EFSF's permission has to be sought for any early payments that aren't made in proportion to the creditor breakdown.
  • GGB spreads are largely unchanged this morning, given that this was expected.
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