Greece’s prime minister says we’re seeing ‘the complete abolition of democracy in Europe’ as another debt deadline looms
Greece’s Prime Minister Alexis Tsipras attends a parliamentary session in Athens, on Monday, March 30, 2015.
The weekend is over, and the Greek government hasn’t had to bring capital controls in. That’s about the only piece of good news that’s come out of Athens in recent days.
The government owes its latest debt repayment to the International Monetary Fund (IMF) on Friday June 5. Since the country had to dig into a reserve account at the institution to make its last payment, it seems very unlikely that Athens had the cash to pay.
The IMF has said that Greece could bundle the €1.6 billion ($1.75 billion, £1.15 billion) in payments it owes in June into one (it’s currently spread across four instalments). That buys Greece some time, but doesn’t make the actual payments any easier. That would push the hard deadline for a potential default until the end of June, in keeping with what most analysts seem to think.
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Source News: Business Insider