Greek Prime Minister Kyriakos Mitsotakis reshuffled his cabinet on Friday, as he seeks to limit the fallout from a growing scandal over alleged fraud related to European Union farm funds, Reuters reported. Last year European prosecutors accused dozens of Greek stockbreeders with faking ownership of pastureland to claim millions of euros in EU subsidies, allegedly with the help of state employees and conservative politicians.
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Millions of unprocessed bad loans from last decade's debt crisis are slowing Greece's economic growth and stymying the rebound for families and businesses still locked out of lending markets, an International Monetary Fund official told Reuters. The IMF estimates that nearly 3 million non-performing loans are impacting 2.4 million people, said Charles Cohen, an IMF advisor specialising in financial markets. The sheer number has overwhelmed the Greek lending system, and without servicing the old loans many ordinary Greeks will be unable to borrow further.
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Greece completed an early repayment of €5.3bn in loans from its first eurozone bailout programme this week, EuroNews.com reported. The settlement of the debt, originally scheduled to mature after 2031 or even into the 2040s, marks a positive step in Greece’s decades-long effort to stabilise its public finances. Coordinated by the European Commission, the payment is a strong indication that the country is relying less on crisis-era debt and lowering the burden of future interest payments.
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Greece’s prime minister on Tuesday announced 1 billion euros ($1.15 billion) in financial benefits for lower-income households and the public investment program, after the country became one of the few European Union members to post a budget surplus in 2024. Only six of the EU’s 27 member nations posted a surplus for 2024, figures released by Eurostat showed.
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Greece plans to accelerate the repayment of billions of euros of bailout loans in the latest sign of the country’s economic reversal since it nearly fell out of the euro area more than a decade ago, Bloomberg News reported. Athens will seek to repay at least €5 billion ($5.3 billion) in 2025, Prime Minister Kyriakos Mitsotakis said at a Bloomberg event on Monday. The obligations mature from 2033 to 2042. “We’ve been ruthlessly focused on fiscal discipline,” he said in Athens.
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