The process of repaying the bilateral loan with the eurozone has been prepared since the beginning of the year and is now entering its final stretch, which will be completed near the middle of December. This time it will be accompanied by the release of the “cushion” of 15.7 billion from the ESM. The agency will remove the restriction it had placed on the use of this amount, that it should only be allocated to immediate debt financing needs, giving the financial staff freedom of movement to pay off older debts more quickly.
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The faster debt reduction will result in rating agencies taking the “next step” and upgrading the credit rating of the Greek economy, which will lead to cheaper financing for businesses and households.
Before that, however, the procedures that will speed up debt reduction should be completed. Until then, the Ministry of the Ministry of Finance and the Ministry of Education and Culture, from Moody’s assessment that will take place on the 13th of the month, will have to wait, at best, for the economy’s assessment to be upgraded from “stable” to “positive”.
The procedures
However, one day after the Moody’s assessment, Greece will – formally – pass the request for the early repayment of 7.93 billion euros from the informal Eurogroup to be made in Budapest. The issue was previously agreed at the Eurogroup working group last July, so consideration of the matter by eurozone finance ministers will be formal.
It will, however, pave the way for the approval of the Greek request by the national parliaments of Germany, Finland, the Netherlands, Austria and Slovakia and for the “green light” to be given for the formality of the procedure.
The head of ODDICH, Dimitris Tsakonas, for his part, will submit a request to the ESM in the same month for obtaining a special permit, in order for part of the acquisition to be carried out with money from the “hard” reserve cushion of 15.8 billion euros .
The plan envisages the further early repayment of loan installments of 2.645 billion euros for each year, due in 2026, 2027 and 2028, and in the three years totaling 7.930 billion euros. An amount of 5 billion euros will be drawn from the “cushion” of the ESM and the remaining 3 billion euros from the repos of the bodies of the General Government, which collectively reach 40 billion euros, while the payment of the “cheque” will be on December 15.
THE BENEFITS
Debt relief
In December 2022, Greece wiped off the map the first note from the GLF’s €2.645 billion European loan, followed by another early repayment of €5.29 billion of loans from the first bailout that were due this year and next year, as a result of which the burden of these obligations is significantly reduced and it takes a breather, as from April 2022 the debts to the IMF are out of the way.
The aim of this move is to reduce public debt and relieve the country of borrowing, which is a key priority of the government.
The reduction of debt, both as a percentage of GDP and in absolute terms, and by extension the limitation of its servicing costs, correspondingly reduces the Budget’s expenditure on interest, which is limited to 4 billionoh and frees up resources for development.
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