ATHENS, April 11 (Reuters) - Greece will pay off loans granted under the first of three debt-crisis bailouts by 2031, two government officials told Reuters, as the country seeks to lose its label as the most indebted country in the European Union.
The payments, which will come in 5-billion-euro ($5.7 billion) annual increments, will allow Greece to pay off the debt 10 years before the loans expire, the officials said on condition of anonymity.
The Greek economy is gradually rebounding from a 2009-2018 crisis that saw it nearly drop out of the euro zone and that triggered years of social unrest as ordinary citizens fought against austerity-induced cuts in wages and pensions.
“Our aim is to fully repay, ten years earlier than scheduled, the rest of the loans from the first bailout which expire by 2041,” said one of the officials. The source said that Greece will tap a 37 billion-euro cash buffer, proceeds from higher-than-projected primary surpluses and new bond issues to fund the repayments.