Greece gets payment deferral

Greece gets payment deferral
Greece postpones a payment to the IMF. And will still not accept the terms of much-needed financial resources.

More than 300 million euros was due for payment to the International Monetary Fund, IMF, on Friday, but Greece asks to instead pay a total of four June installments for a total sum of over 1.5 billion euros before 30 June.

On the same day Greece's borrowing program from the EU and IMF also expires, but the Greeks are still unable to agree with creditors on a payment of a final contribution from the program of 7.2 billion euros.

The government in Athens could not accept the terms of reforms and cuts that follow the money, says finance minister Stathakis to BBC radio.

Thus, the box is empty and it is highly uncertain whether Greece actually has the money they owe the IMF in installments.

The last time the Greeks should pay the Monetary Fund, they took the money from an emergency account of the IMF. Economy Minister Stathakis emphasizes, however, that the Greeks could have paid on Friday but choose not to do it.

The question is how the financial markets will react to the new uncertainty about the Greek solvency. Meanwhile, the initiative could also be meant tactically from Athens to push efforts to get an agreement.

Without an agreement ensuring funds to the Greek government, Greece could be be heading towards a state bankruptcy. In addition to paying IMF installments, the country must also pay salaries and pensions to state employees and cover other ongoing expenses.

Fears that Greece will become delinquent has also fueled up under the fear that the country ultimately can be on its way out of the eurozone.

But Prime Minister Alexis Tsipras believes it is still possible to achieve an agreement about the billion payout to the EU and IMF, and negotiations are expected to continue on Friday.

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