GREEK ECONOMY
There was no cash, Greece delay pay debts IMF
ATHENA. Greece is really in need of fresh funds!
Countries with a sizeable debt have been delaying payment of their debts to the International Monetary Fund (IMF). This underscores the urgency of the financial situation of Greece. The fate of Greece is highly dependent on the bailout creditors to avoid a default and possible exit from the euro zone.
Just to refresh your memory, Athens must pay the IMF about 300 million euros at today (5/6). However, on Tuesday, Greece said it would merge the entire payments due this month to become one. That is, the value of Greek debt mencapao 1.54 billion euros, equivalent to US $ 1.7 billion as of June 30, 2015.
IMF provision does allow the borrower to combine the principal debt payments that are in the same calendar month. However, this condition only ever undertaken by Zambia in the mid-1980s.
Previously, Greece managed to survive for nine months without access to the latest bailout fund worth 7.2 billion euros, or US $ 7.9 billion of the total value of 240 billion euro bailout. This was done by forcing local governments and other public bodies to submit cash reserves and reduce costs IMF emergency fund account.
As the debt crisis in the land of the Gods was worsened earlier this year when the new anti-austerity government insist on renegotiating the terms of the largest international bailout in the history. The bailout fund is managed to hold Greece's membership in the euro, but the cause of their economy is getting worse. Not to mention, the Greek unemployment rate surged to record levels.
There was no cash, Greece delay pay debts IMF
ATHENA. Greece is really in need of fresh funds!
Countries with a sizeable debt have been delaying payment of their debts to the International Monetary Fund (IMF). This underscores the urgency of the financial situation of Greece. The fate of Greece is highly dependent on the bailout creditors to avoid a default and possible exit from the euro zone.
Just to refresh your memory, Athens must pay the IMF about 300 million euros at today (5/6). However, on Tuesday, Greece said it would merge the entire payments due this month to become one. That is, the value of Greek debt mencapao 1.54 billion euros, equivalent to US $ 1.7 billion as of June 30, 2015.
IMF provision does allow the borrower to combine the principal debt payments that are in the same calendar month. However, this condition only ever undertaken by Zambia in the mid-1980s.
Previously, Greece managed to survive for nine months without access to the latest bailout fund worth 7.2 billion euros, or US $ 7.9 billion of the total value of 240 billion euro bailout. This was done by forcing local governments and other public bodies to submit cash reserves and reduce costs IMF emergency fund account.
As the debt crisis in the land of the Gods was worsened earlier this year when the new anti-austerity government insist on renegotiating the terms of the largest international bailout in the history. The bailout fund is managed to hold Greece's membership in the euro, but the cause of their economy is getting worse. Not to mention, the Greek unemployment rate surged to record levels.
A number of other European countries and the IMF agreed to resume negotiations. But they will not issue further bailout funds to Greece agreed budget targets and economic reforms prescribed creditors.
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