1. / Home
  2. / Blog
Blog post

The 2015 Greek redemptions’ path

Tomorrow, the Eurogroup meets to discuss the Greek government’s plan to reach an agreement with the Country’s public creditors. The sense of urge

Publishing date
24 March 2015
Authors
Silvia Merler

The Country’s financing needs for 2015 come mostly from repayments to official creditors. Summer will be especially challenging, as 6.7 billion of ECB’s SMP bonds come to maturity before September. Repayments to the IMF amount to 9.8 billion for the whole year, with the largest tranches coming in March, June and September (see tables for details).

Between now and the end of March, Greece has to repay around 2.3 billion to the IMF and to roll over about 5.7 billion of Treasury Bills. T-Bills - which amount to 14.5 billion in total for 2015 - are mostly held by domestic banks. A fraction had reportedly been acquired in previous months by foreigners, who appear unwilling to roll it over, at least until the Greek political situation becomes clearer.

RTEmagicC_015-02-10_at_21.28.49_01.png

 Source: IMF; Datastream

APPENDIX - Detailed schedule of repayments and roll-over

TABLE 1 - Outstanding T-Bills and Bonds redemptions

RTEmagicC_SMERLER_10_02_15_1.png

Source: Datastream

 TABLE 2 - Repayment schedule to IMF 

RTEmagicC_SMERLER_10_02_15_2.png

Source: IMF

About the authors

  • Silvia Merler

    Silvia Merler, an Italian citizen, is the Head of ESG and Policy Research at Algebris Investments.

    She joined Bruegel as Affiliate Fellow at Bruegel in August 2013. Her main research interests include international macro and financial economics, central banking and EU institutions and policy making.

    Before joining Bruegel, she worked as Economic Analyst in DG Economic and Financial Affairs of the European Commission (ECFIN). There she focused on macro-financial stability as well as financial assistance and stability mechanisms, in particular on the European Stability Mechanism (ESM), providing supportive analysis for the policy negotiations.

    Between May 2011 and August 2012, she worked as Research Assistant to Jean Pisani-Ferry, then-director of Bruegel. During 2009 and 2010, while a student, she collaborated to research projects of Bocconi University and the Italian ENI Enrico Mattei Foundation (FEEM). During this period she was involved in the MICRODYN project, working on a cross-country and cross-sectors analysis of productivity developments with firm level data, and on the POLINARES project (“Policy for Natural Resources”).

    Born in 1986, she holds a MSc in Economics and Social Sciences at Bocconi University in Milan and graduated in 2011 with a thesis on Current Account Imbalances within the Euro Area. She obtained a BA in Economics and Social Sciences from the same university in 2008, with a thesis on Ukraine and Moldova in the European Neighbourhood Policy.

Related content