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Monday, July 20, 2015

RT - Greece makes due payments, no longer in arrears - IMF

Greece makes due payments, no longer in arrears - IMF

© Kim Kyung-Hoon
“I can confirm that Greece today repaid the totality of its arrears to the IMF, equivalent to SDR 1.6 billion (about EUR 2.0 billion),” Gerry Rice, Director of Communications at the IMF said on Monday in a statement.
“The Fund is ready to continue assisting Greece in its efforts to return to financial stability and growth,” Rice confirmed.
On Monday Greece started repaying €6.25 billion to the ECB and the IMF, after it received a €7 billion bridging loan from international creditors.

Greece's Finance Ministry said the ECB will get €4.2 billion and the IMF €2.05 billion to cover the June 2015 arrears. Athens is also repaying €500 million loan to the national central bank.
On Monday banks in Greece reopened after a three-week shutdown as the third bailout deal got a green light from the biggest creditor Germany last week.
The IMF has repeatedly said European creditors should write-down a large part of Athens’ debt or give Greece a 30-year grace period if they want it to recover and repay. The fund called Greece’s debt unsustainable, warning the €86 billion program will not save Greece from financial collapse.
The Greek parliament approved the austerity bill allowing further talks on the €86 billion aid package for the country last Wednesday.
On June 30 Greece missed a €1.6 billion payment to the IMF, which meant the country was ‘in arrears’, but marked a technical default.
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