Arab Today, arab today greece has no money to meet imf debt repayment
Last Updated : GMT 08:03:52
Arab Today, arab today
Arab Today, arab today

Unless a deal is reached with its creditors

Greece 'has no money' to meet IMF debt repayment

Arab Today, arab today

Arab Today, arab today Greece 'has no money' to meet IMF debt repayment

Greece warned Sunday it has no money to repay
Athens - Arab Today

Greece warned Sunday it has no money to repay the International Monetary Fund on time in June unless a deal is reached with its creditors, in a stark warning that the country could be just days away from defaulting.

Athens already had a close shave in May, when it was only able to scrape together the 750 million euros ($845 million) due to the IMF then by raiding its emergency reserves.

With the clock ticking down to four more debt instalments from June 5, Interior Minister Nikos Voutsis told Mega TV that the country has nothing left for the IMF in its coffers.

"The instalments for the IMF in June are 1.6 billion euros ($1.8 billion). This money will not be given. There isn't any to be given. This is a known fact," Voutsis said.

Nevertheless, the minister believes that negotiations between Athens and its creditors were taking place "on the basis of cautious optimism that there will be a strong agreement".

Greece's radical-left government has been locked in negotiations with its creditors -- the IMF, the European Union and the European Central Bank -- for the past four months in a bid to unlock some 7.2 billion euros in bailout cash.

The Syriza government, which was elected in January on its anti-austerity promises, has so far refused to agree to key economic reforms that the creditors want in exchange for the rescue funds.

But with a punishing debt repayment schedule in the next three months, the country now desperately needs the rescue funds.

In addition, the government has running costs to meet, including salaries to civil servants and pensions.

Last week, the parliamentary spokesman for Syriza said that the government would be unable to honour a repayment to the IMF on June 5 as its priority is to pay salaries, pensions and running costs.

"No country can repay its debts with only the money from its budget," Nikos Filis told Ant1 television.

- 'Europe's turn to act' -

While ramping up its warnings of a looming default, Greece's government has also refused to budge on its anti-austerity promises.

"We have done what we ought to do, now it's Europe's turn to do so," Prime Minister Alexis Tsipras said in a speech to his radical-left Syriza party's central committee on Saturday, where he claimed the country is "in the homestretch of a painful and difficult period".

According to Mega TV, Tsipras had asked US Treasury Secretary Jack Lew to help persuade the IMF to agree to delaying all four June repayment installments to the end of the month.

In an interview with the BBC on Sunday, Greece's Finance Minister Yanis Varoufakis also warned: "We have done remarkably well for an economy that doesn't have access to the money markets to meet our obligations. At some point, we will not be able to do it."

For some in Syriza, it was perhaps time to think about simply leaving the eurozone.

"Who says that if we exit the eurozone and we return to the national currency this will be a disaster?", asked Energy Minister, Panagiotis Lafazanis during the Syriza's Central Commission session on Sunday.

His group within Syriza, the Left Platform, circulated a letter on Sunday urging the government not to meet the IMF payments if the creditors insist on their "blackmailing attitude".

Others in the ruling party are less radical, including MEP Dimitris Papadimoulis who called on Syriza to accept "difficult compromises" in order to reach an agreement and avoid a "disastrous" breakdown in the talks.

Local media have reported that the creditors are seeking a further 5 billion euro reduction in the government's budget through measures including more pension cuts and lay-offs.
Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece has no money to meet imf debt repayment Arab Today, arab today greece has no money to meet imf debt repayment

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today greece has no money to meet imf debt repayment Arab Today, arab today greece has no money to meet imf debt repayment

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Ryanair's O'Leary: Could ground more planes

GMT 06:49 2017 Friday ,22 September

Ryanair's O'Leary: Could ground more planes
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Huthis stage defiant rally 3 years

GMT 05:29 2017 Friday ,22 September

Huthis stage defiant rally 3 years
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today China lifts 10-year travel ban

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Intel chips loaded in Waymo

GMT 14:43 2017 Wednesday ,20 September

Intel chips loaded in Waymo
Arab Today, arab today Actress Ream Hhagag prepares for a new film

GMT 09:40 2017 Tuesday ,19 September

Actress Ream Hhagag prepares for a new film
Arab Today, arab today France hopeful of persuading Trump

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 12:14 2017 Monday ,18 September

Horia Farghaly happy for success of “Case G”

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:49 2017 Wednesday ,20 September

WHO urges Yemen to accept vaccines

GMT 07:00 2017 Wednesday ,20 September

A no-frills business success

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday