Tsakalotos: Early repayment of IMF loan set in motion by SYRIZA

The early repayment of the more expensive International Monetary Fund (IMF) loans was an action set in motion by the SYRIZA government that had already been effectively approved by Greece's creditors before the elections, main opposition SYRIZA shadow finance minister Euclid Tsakalotos said on Tuesday.

"The Greek government's official request on Monday for the early repayment of the IMF was a positive action but one which had been absolutely advanced by the previous government," Tsakalotos commented.

The former finance minister said that the SYRIZA government had presented its plans for early payment of the IMF loans at the Euroworking Group on May 2 and that no country had raised any objections at that time.

"This was expected, in any case, as this was described as a win-win move - given that it is clearly in Greece's interests to replace an expensive debt with a cheaper debt while it is also in the interests of Greece's lenders if we have a better debt structure. The only reason for delaying the official request for early repayment, which was only made possible thanks to the cash buffer, was the fact that the country had embarked on an election campaign," he added.

"So, all those being written about ND's credibility and prestige making early repayment possible are no more than wishful thinking on the part of those that wrote them," he said.