October 28, 2019 / 10:27 AM / 25 days ago

ESM grants Greece waiver for early payment of expensive IMF loans

BRUSSELS, Oct 28 (Reuters) - The euro zone’s rescue fund, the European Stability Mechanism (ESM), agreed on Monday to allow Greece to pay back early part of the loans to the International Monetary Fund worth around 2.7 billion euros ($3.0 billion), it said in a statement.

The move allows Athens to reduce its debt servicing costs because IMF loans are more expensive than its debt to EU institutions.

The ESM has accepted to allow Greece to pay back the IMF without a proportional early reimbursement of its loans to EU authorities, which would have been required if no waiver was granted.($1 = 0.9015 euros) (Reporting by Francesco Guarascio @fraguarascio)

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