IMF Confirm Greece No Longer In Default, Overdue Payments Made

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The International Monetary Fund (IMF) confirmed receipt of about €2 billion from Greece on Monday, which means the country is no longer in arrears.

In a statement Gerry Rice, Director of Communications at the IMF  said “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)”

Rice added that now that Athens is no longer arrears, the IMF “stands ready to continue assisting Greece in its efforts to return to financial stability and growth.”

After receiving a €7 billion bridging loan from international creditors, Greece started repaying €6.25 billion to the ECB and the IMF.

RT reports: 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.

Niamh Harris
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