Greece to Settle First Bailout Ahead of Schedule by 2031

Greece aims to pay off loans from the first of its three debt-crisis bailouts by 2031, ten years ahead of schedule. The repayments will be facilitated by a cash buffer, primary surpluses, and new bond issues, marking a significant step in reducing Greece's status as the most indebted EU nation.

Greece is on course to repay its first debt-crisis bailout by 2031, a full decade earlier than originally planned, according to government insiders. The move is aimed at relinquishing its status as the most heavily indebted nation in the European Union.

Officials have indicated that the repayments will be structured in annual 5-billion-euro payments, supported by a strategic mix of financial buffers, budget surpluses, and new bond offerings. This approach aligns with Greece's broader economic strategy to lower its public debt below 140% of GDP by 2027.

Finance Minister Kyriakos Pierrakakis expressed optimism about this financial milestone, which is expected to coincide with a declining trend in Greece's borrowing costs following its recent achievement of investment-grade status. The country's previous financial turmoil, which necessitated three bailouts totaling 280 billion euros, appears to be waning as economic growth forecasts signal a positive outlook for the years ahead.

(With inputs from agencies.)