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Athens set to repay ECB and IMF loans

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Athens set to repay ECB and IMF loans

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It has been a day of furious financial activity in Athens including the government writing two significant cheques – a sign, believe many the country is slowly getting back to normal.

Finance ministry officials confirmed to media sources the process for the repayment of billions of euros to two creditors.

Four point two billion euros in principal and interest is on its way to the European Central Bank – meeting Monday’s deadline.

The International Monetary Fund will get the 2.05 billion euros it is owed but late after Greece became the first developed country to default on an IMF loan.

The money sent across to the IMF’s Washington headquarters covers the 1.6 billion repayments due in June plus a second due last week.

It’s understood the government is also repaying a 500 million euro loan to the Greek central bank.

Splashing the cash has been made possible due to the country’s 7.16 billion bridging loan coming on tap.

That will be enough to see Athens through July and the opening of new negotiations and a third bailout programme.