An early repayment by Greece of loans worth around 2.7 billion euros -from a total debt of 8.4 billion euros to the International Monetary Fund- is credit positive for the country as it will reduce spending on interest and slightly extend the average duration of debt, improving its sustainability, Moody’s said in a report on Thursday, according to ANA.
The credit rating agency noted the average interest of IMF loans is 4.9 pct, significantly higher than a 1.4 pct interest paid by Greece on average for its loans to the European Stability Fund and the EFSF. It is also significantly higher compared with a 1.5 pct yield of a 10-year state bond re-issued by Greece in October and the 1.9 pct yield of a seven-year bond issued in July.
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