Greece repays creditors

21 Jul 15

The International Monetary Fund and the European Central Bank have confirmed that they have been repaid by Greece.

In a statement issued yesterday, IMF communications director Gerry Rice said: “I can confirm that Greece today repaid the totality of its arrears to the IMF, equivalent to SDR 1.6 billion (about €2.0 billion). Greece is therefore no longer in arrears to the IMF.”

The repayment was made possible by a short-term €7bn bridging loan from the European Union, which was approved at the end of last week.

On Twitter, the European Central Bank also confirmed that it had been repaid.

A bailout deal worth $86bn over three years was eventually agreed last week and backed by the Greek parliament. It is contingent on the Greek government implementing a series of reforms including tax increases and raising the state retirement age.

Rice added: “As we have said, the fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth.”

Meanwhile, Greece's banks are once again open for business after a three-week shutdown, although capital controls remain in place.

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