Helped by market rates, Greece repays IMF early

ATHENS, Greece – Greece’s finance ministry says the country has completed an early repayment of loans to the International Monetary Fund worth 2.7 billion euros ($2.9 billion).

The action completed Monday had received the required approval from European bailout lenders and will help Greece lower its debt servicing costs by taking advantage of favourable market rates.

Greece completed its third successive international bailout program last year, after receiving rescue loans over eight years from its European Union partners and the IMF to avoid default and remain in the euro zone.

Greek government bond yields have fallen sharply in recent months, rivaling rates in fellow-euro zone member Italy and assisting Greece’s return to markets. The yield on Greece’s 10-year bond late Monday was 1.37%, tumbling from nearly 4% at the start of the year.