European Stability Mechanism

A package of benefits announced in recent weeks are part of a broader plan and signal that Greece is turning a page following its exit from international bailouts last year, Finance Minister Euclid Tsakalotos has told the Athens-Macedonia news agency, adding that criticism of the handouts by some foreign officials has been "severe." 

European Stability Mechanism chief Klaus Regling expressed fears concerning Greece after Thursday's Eurogroup, particularly regarding the government handouts.

Greece's early repayment of loans from the International Monetary Fund will improve its credit outlook, since it will cut spending on interest and lengthen its debt-maturity profile, the ratings agency Moody's said on Thursday.

Representatives of eurozone member-states in the EuroWorking Group (EWG) on Thursday have approved Greece's request to repay earlier a portion of the bailout loans it has received from the International Monetary Fund (IMF), according to Greek finance ministry sources.
The government had sent the proposal to the EWG and the European Stability Mechanism (ESM) last week.

The Board of Directors of the European Financial Stability Facility (EFSF) approved on Thursday debt relief measures for Greece totalling almost one billion euros, the European Stability Mechanism (ESM) said in a press release.

Greece submitted an official request to the eurozone bailout fund on Monday, seeking its consent for the early repayment of loans owed to the International Monetary Fund (IMF), a Greek finance ministry official said.
The Greek government sent a request to the European Stability Mechanism (ESM) for the repayment of part of its IMF loans, the official said.

Repaying earlier expensive International Monetary Fund loans is a significant step for Greece which will create favorable conditions for its economy, Prime Minister Alexis Tsipras on Monday, promising more relief measures.

"We are gaining points of [economic] freedom," Tsipras said during an interview with Greece's Antenna television.

Greece plans to file a request this week seeking the eurozone bailout fund's consent to the early repayment of expensive loans owed to the International Monetary Fund, a source close to the process told Reuters Monday.

The Greek government may be celebrating the "low" interest rates with which it has tapped the international bond markets this year, but those rates - besides being the highest in the eurozone - entail an additional cost that constitutes the collateral for investors, particularly the long-term investing funds.

Greek Finance Minister Euclid Tsakalotos on Tuesday confirmed recent reports that the government is planning to pay off early a part of the country's high-interest debt to the International Monetary Fund.