Greece Repays First Installment Worth EUR 310 M of IMF Loan

Southeast Europe | March 6, 2015, Friday // 15:50|  views

Greek Prime Minister Alexis Tsipras (L) talks with Bank of Greece (BoG) governor Yannis Stournaras (R), during their meeting in Prime Minister`s office, in Athens, Greece, 06 March 2015. Photo: EPA

Greece repaid on Friday the first installment worth EUR 310 M of the IMF loan, which is due until the end of March.

In total, Greece has to repay EUR 1.5 B to IMF during the next two weeks, daily Kathimerini reports.

Although the government of Prime Minister Alexis Tsipras had promised to repay the loan, the country faces a difficult cash position.

There is a sharp fall in tax revenues, while aid from the international creditors – IMF and EU has been suspended until the country filfills the promised reforms.

Greece has to make three more installments on March 13, 16 and 20 as part of the repayment due to IMF this month.

The country is with limited options to fund itself, despite the deal reached with the Eurozone in February to extend its EU/IMF bailout for further four months.

Greece has a monthly need of EUR 4.5 B, which includes wage and pension bills, amounting to EUR 1.5 B.

The chief of the Bank of Greece Yannis Stournaras met PM Tsipras on Friday to inform him of decisions by ECB to start its money printing programme.

He assured that Greek banks enjoyed full support from ECB, noting that the forthcoming meeting of Eurozone finance ministers on Monday had to be successful.

Meanwhile, ECB President Mario Draghi assured on Thursday that lending to Greek banks will be continued only when there is evidence that the country is complying with its bailout programme.

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Tags: greece, loan, IMF, EU, ECB, Eurozone, Mario Draghi, Alexis Tsipras, tax revenue, international creditors, bailout


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