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Greece formally requests early repayment of part of IMF loans

The Greek Finance Ministry sent to European Stability Mechanism (ESM) the government’s proposal for the early repayment of part of the loan Greece took from the International Monetary Fund (IMF).

The official request were sent on Monday evening, financial ministry sources told state news agency amna.

Greece wants to repay early to the IMF nearly 3.7 billion euros (1.5 billion coming due this year and 2.2 billion coming due in 2020), as ESM head Klaus Regling had revealed following the informal Eurogroup in Bucharest beginning of the month.

The amount Greece is requesting to repay early concerns part of the debt with the high interest rate of 5.13 pct and which is vulnerable, among other factors, to fluctuations in interest  and currency exchange rates, a danger that cannot be dealt with through the use of financial tools.

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