Greece sheds its debt-ridden stigma, to repay 1.2 trillion won early... debt falls to the 130% range of GDP

\r\n[The Financial News] Backed by a recent economic upswing, Greece has decided to repay part of the debt it borrowed from European countries during the global financial crisis ahead of schedule.
According to Agence France-Presse (AFP) on the 11th local time, the Greek government said it plans to "repay 6.9 billion euros, or about 1.2 trillion won, next month" ahead of schedule. The loans were borrowed from European countries in 2010, during the global financial crisis.
The Ministry of Finance of Greece estimated that the early repayment will reduce public debt to about 130% of gross domestic product (GDP).
Driven by strong domestic demand and a booming tourism sector, Greece's GDP growth rate has topped 2% over the past three years, the highest in the Eurozone. Last year, its debt-to-GDP ratio stood at 145.9%, the highest in Europe, but it is now projected to fall sharply to around 137% this year.
Meanwhile, Italy's debt-to-GDP ratio is expected to rise from 137.1% to 138.6% over the same period, making it the highest among European countries. Italy is said to be especially vulnerable to the impact of surging energy prices caused by tensions in the Middle East because of its heavy reliance on imported energy.
whywani@fnnews.com Hong Chaewan Reporter