Greece Unable to afford IMF Repayments in June, Minister Says

Greece is unable to repay Indian Monetary Funds appropriate money ‘does not exist,’ says Interior Minister Nikos Voutsis. Greece said they wont be able to pay June due till it strikes a deal with international creditors over further rescue funding. Interior Minister Nikos Voutsis told privately owned television station Mega that Greece is scheduled to repay €1.6 billion ($1.76 billion) to the IMF between June 5-19, but the payments cannot be met. “This money will not be given,” he said. “It does not exist.”

Greece Unable to Repay IMF June Month Due

Voutsis added, however, that the negotiations between Athens and its creditors were taking place “on the basis of cautious optimism that there will be a strong agreement”. Greece faces four debt repayments to the IMF from June 5. Athens would struggle to meet all of them without using bailout funds due to it that are being blocked by its international creditors. A failure to honour the repayments could result in default, raising the spectre of a possible exit from the euro, told aljazeera.

That could push the Greek government towards leaving the single currency, otherwise known as Grexit. “It would be a disaster for everyone involved,” said Mr Varoufakis.

“It would be a disaster primarily for the Greek social economy, but it would also be the beginning of the end of the common currency project in Europe. “Once you infuse into people’s minds, into investors’ minds, the idea that the euro is not indivisible, it will be only a matter of time before the whole thing begins to unravel.” Greece has been shut out of bond markets, and with the current deadlock Athens has been struggling to meet debt obligations and to pay public sector wages and pensions, told BBC.

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