Personal Finance

Greek’s PPC gets 200 million euro (£169.41 million) loan to repay debt

Greece’s main power utility Public Power Corp. (PPC) has secured a 200 million euro (£169.41 million) bond loan from the country’s main lenders to refinance debt, it said on Tuesday.

Unpaid bills, which have reached 2.2 billion euros (£1.87 billion) since a debt crisis engulfed Greece in 2010, have squeezed PPC’s cash reserves. The two-year loan will help the utility repay a bond of similar size that matures on May 1.

PPC, which is 51 per cent owned by the state, also has several coupon payments totalling 340 million euros (£289.02 million) that fall due by the end of the year.

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