Eurozone crisis

Cyprus has paid off ahead of schedule an International Monetary Fund loan that was part of a multi-billion euro financial rescue deal in 2013, the finance minister said Tuesday.

Minister Constantinos Petrides said the loan's early repayment would bolster the country's credibility in the eyes of investors and improve its ability to raise money directly from international markets.

As the office of the International Monetary Fund in Greece prepares to close, its first chief, Bob Traa, shares his thoughts with Kathimerini about the Fund's contribution to the Greek bailout and reform process, saying that more and bolder interventions were required, and that the necessary sacrifices should have been better communicated to the people.

In a report, published last night, the World Bank raises the 2018 economic growth forecast of Bulgaria from 3 to 3.6 percent, BNR reported.

For this and for next year, the World Bank is also raising its forecast - a 3 percent growth rate for 2020, and 3.1 percent for 2021. In June last year its growth forecast was 2.8 percent for both years. 

The first signs that the Greek property boom may have peaked have started to emerge, mainly in areas where rates have soared over the last 18 months.

For now property ad website Spitogatos is reporting a slowdown in price growth, but property market professionals say it is likely the pace of price expansion will gradually stabilize, depending on conditions.

Greece has raised 487.5 million euros ($544.4 million) in a treasury bill sale that saw the country maintain its negative interest rate in the first debt auction of the year as the debt-strapped country attempts to regain full market access.

The Public Debt Management Agency said the 13-week T-bills were auctioned Wednesday at a yield of -0.08 percent.

Greek private sector bank deposits fell slightly in November after a rise in the previous month, central bank data showed on Friday.

Businesses and household deposits dropped to 139.57 billion euros ($155.34 billion) from 139.69 billion in October, Bank of Greece data showed.

Greece's creditors are sending their technical team to Athens starting on January 13, with the mission chiefs following on January 20 in the context of the fifth post-bailout assessment of the country's economy.

An increase in state revenues last month has led to a rise in the handout to households known as "social dividend" by an extra 40 million euros, to 215 million.

Greece's current account deficit shrank in October compared with the same month last year thanks to higher tourism revenues, the Bank of Greece said on Friday.
Central bank data showed the deficit was 673 million euros, down from 915 million in October 2018.
Tourism revenues rose 4 percent to 1.442 billion euros, from 1.385 billion in the same month last year.

Greece is considering the repayment of an additional 2 billion euros of its dues to the International Monetary Fund, on top of the 2.7 billion euros it repaid last month.