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
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.


 Source: IMF; Datastream

APPENDIX - Detailed schedule of repayments and roll-over

TABLE 1 - Outstanding T-Bills and Bonds redemptions


Source: Datastream

 TABLE 2 - Repayment schedule to IMF 


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.


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