“Greece will proceed next month with early debt repayment of €6.9 billion against the first bailout loans it had received from European countries,” Finance Minister Kyriakos Pierrakakis told Reuters news agency. “Through Greece’s early repayment program, public debt is expected to decline further, close to 130% of GDP by 2027,” Minister Pierrakakis added.
Kyriakos Pierrakakis: The “silent heroes” of Greece’s recovery
The minister praised the team at the Public Debt Management Agency (PDMA) for their work in debt reduction, stating they constitute the “silent heroes” of Greece’s recovery. It should be noted that Greece correctly calculated the price at which it repurchased GDP-linked warrants last year, as ruled by a London court on Wednesday, resolving a long-standing dispute regarding the government’s debt buyback.
According to a Bloomberg report, the Greek government asked the court to issue a ruling on the matter, after trustee Wilmington Trust and a group of creditors argued that the price paid to them was lower than market value, harming investors.
A High Court judge in London stated that the Public Debt Management Agency (PDMA) correctly calculated the relevant prices, using the method specified in the debt issuance documents.
