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The Greek government says it is in talks with European bailout lenders to repay its debts to the International Monetary Fund early as market borrowing rates tumbled to their lowest level since 2005.

Government spokesman Dimitris Tzanakopoulos said Greece is hoping to repay a "significant portion" of its remaining 9.6 billion euros ($10.9 billion) owed to the IMF ahead of schedule. His remarks Monday follow a meeting in Washington between Greek Finance Minister Euclid Tsakalotos and IMF managing director Christine Lagarde.

The yield on Greece's 10-year bond dropped further to 3.28% Monday, matching levels not seen in 14 years.

Greece would need approval from the eurozone's rescue fund to repay its IMF loans early, but top officials in the agency and the European Commission have already praised the idea.