Blog Post

The 2015 Greek redemptions’ path

Tomorrow, the Eurogroup meets to discuss the Greek government’s plan to reach an agreement with the Country’s public creditors. The sense of urgency has certainly increased over the last weeks, as Eurogroup Jeroen Dijsselbloem rejected a short-term financing arrangement until June, saying February the 16th is a hard deadline for asking a programme extension.

By: Date: March 24, 2015 European Macroeconomics & Governance Tags & Topics

The Country’s financing needs for 2015 come mostly from repayments to official creditors. Summer will be especially challenging, as 6.7 billion of ECB’s SMP bonds come to maturity before September. Repayments to the IMF amount to 9.8 billion for the whole year, with the largest tranches coming in March, June and September (see tables for details).

Between now and the end of March, Greece has to repay around 2.3 billion to the IMF and to roll over about 5.7 billion of Treasury Bills. T-Bills – which amount to 14.5 billion in total for 2015 – are mostly held by domestic banks. A fraction had reportedly been acquired in previous months by foreigners, who appear unwilling to roll it over, at least until the Greek political situation becomes clearer.

 Source: IMF; Datastream

APPENDIX – Detailed schedule of repayments and roll-over

TABLE 1 – Outstanding T-Bills and Bonds redemptions

Source: Datastream

 TABLE 2 – Repayment schedule to IMF 

Source: IMF


Republishing and referencing

Bruegel considers itself a public good and takes no institutional standpoint. Anyone is free to republish and/or quote this post without prior consent. Please provide a full reference, clearly stating Bruegel and the relevant author as the source, and include a prominent hyperlink to the original post.

View comments
Read article More on this topic More by this author

Blog Post

Nicolas Véron

The IMF’s performance on financial sector aspects of the euro area crisis

The recently published in-depth evaluation of the International Monetary Fund (IMF)’s role in the euro area crisis highlights important contrasts in the area of financial services. The IMF provided highly valuable analysis and recommendations to the EU on its banking sector and related policies. In individual countries (leaving aside Cyprus and the second Greek programme, not covered by this evaluation), the financial-sector aspects of the IMF’s interventions were highly successful in Ireland and Spain, ambiguous in Greece, and a missed opportunity in Portugal.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: August 29, 2016
Read article Download PDF More on this topic More by this author

Policy Contribution

cover pc 13 16

The IMF’s role in the euro-area crisis: financial sector aspects

Nicolas Véron reviews in-depth the role played by the IMF in understanding the financial-sector dynamics of the euro-area crisis. The IMF was the first public authority to acknowledge the role of the bank-sovereign vicious circle and to articulate a clear vision of banking union as an essential policy response. At national level, the IMF’s approach to the financial sector was appropriate and successful in Ireland and Spain, more limited in the Greek Stand-By Arrangement, and less compelling in Portugal.

By: Nicolas Véron Topic: Finance & Financial Regulation Date: August 29, 2016
Read article

Blog Post

Zsolt Darvas
Pia Hüttl

Is Greek public debt unsustainable?

Greek public debt does not look sustainable if the country has to return to market borrowing at the end of the third bail-out programme, but could be sustainable if preferential ESM funding continues in the long-term. Our advice is to offer hope for Greece in the form of delayed fiscal adjustment toward a target of 2.5% of GDP primary balance and adopt various measures to ease the debt burden, for the benefit of both Greece and its official lenders.

By: Zsolt Darvas and Pia Hüttl Topic: European Macroeconomics & Governance Date: May 7, 2016
Read article More on this topic More by this author

Opinion

Guntram B. Wolff

Making the EU-Turkey refugee deal work

The EU deal with Turkey reached on 18 March is problematic, but without a deal the EU’s external borders would have collapsed completely. Now the EU needs to support Greece and increase the number of refugees taken directly from Turkey.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: April 11, 2016
Read article More on this topic More by this author

Opinion

Ashoka Mody

Greece: a European tragedy

Wrapped up in the details of pension reforms and home foreclosure—matters that, no doubt, have important consequences for many— the big picture has faded into the background. It is easy to forget how we got here, and where we are going.

By: Ashoka Mody Topic: European Macroeconomics & Governance Date: January 14, 2016
Read article More on this topic More by this author

Blog Post

Silvia Merler

Greek bank recap

The ECB published the comprehensive assessment of the four major Greek banks (Alpha Bank, Eurobank, National Bank of Greece and Piraeus Bank) yesterday, in line with what was agreed in the third bailout programme for Greece. This exercise will form the basis for the recapitalisation operation foreseen as part of the programme, which will need to be carried out soon.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: November 2, 2015
Read article More on this topic More by this author

Blog Post

Silvia Merler

Greece budget update - October

The Finance Ministry of Greece has published the preliminary budget execution bulletin for September, covering the first 9 months of the year. It reveals a decline in the primary surplus, compared to the over performance recorded in recent months.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: October 19, 2015
Read article More on this topic More by this author

Opinion

Ashoka Mody

No lessons learned

With the drag from austerity, the debt-deflation spiral, and a weak international economy, where does the projected Greek rebound come from?

By: Ashoka Mody Topic: European Macroeconomics & Governance Date: September 23, 2015
Read article More on this topic More by this author

Blog Post

Silvia Merler

Greece budget update - September

Last week, while Europe was anticipating the Greek election, the Greek finance ministry published the latest budget execution bulletin, covering January-August 2015. It shows an unchanged primary surplus, underperforming revenues and what might be the first small steps towards the normalization of the primary expenditure path.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: September 22, 2015
Read article More on this topic More by this author

Blog Post

Euro crisis

This timeline underpins some of the main events that determined the origins and developments of the euro crisis and highlights our contributions to the debates that the crisis has brought into the academic and policymaking agenda

By: Bruegel Topic: European Macroeconomics & Governance Date: September 16, 2015
Read article More on this topic More by this author

Blog Post

Silvia Merler

Greece budget update - August

The Greek finance ministry published last week the latest budget execution bulletin. The state budget primary balance increased significantly during July. Greece recorded a primary surplus of 1.6 billion euros in July, which takes the cumulated primary surplus for the first six months of the year at 3.5 billion euros, against a primary surplus target of 2.99 billion euros. This is the highest monthly value for the primary surplus since August 2014.

By: Silvia Merler Topic: European Macroeconomics & Governance Date: August 17, 2015
Read article More on this topic More by this author

Opinion

Guntram B. Wolff

Greece: Lessons for Europe

It was inevitable that Greece would have to make cuts. Yet, if it is ever to pay back its debts, what the country needs most of all is a growth strategy.

By: Guntram B. Wolff Topic: European Macroeconomics & Governance Date: August 13, 2015
Load more posts