Again, Greece Misses I.M.F Grants

The Republic of Greece has again  missed the International Monetary Fund  payment to late Monday, slipping further into the debt morass that has devastated the economy.

Including a missed payment at the end of June, Greece is in arrears to the I.M.F. for about 2 billion euros, or about $2.2 billion, said the fund, which is based in Washington.  the country failed to pay the fund €456 million.

The missed payment was overshadowed by the agreement among eurozone leaders  that would provide more aid to Greece and keep it in the eurozone, in return for a harsh program of budget discipline and measures intended to modernize the country’s economy.

But the missed payment underlined Greece’s dire financial crisis and raised questions about how the country would pay €4.25 billion it owes the European Central Bank in less six days.

Greece cannot receive any more I.M.F. financial aid as long as it is in arrears. But the organization has not yet taken disciplinary action against the country. 
Gerry Rice, director of communications for the I.M.F., said in a statement that the fund’s executive board would discuss in the coming weeks whether to grant Greece an extension on repaying the debt.



Related Post