IMF confirms Greece is in arrears

1 Jul 15

The International Monetary Fund has confirmed that Greece missed its €1.5bn debt repayment due yesterday, becoming the first developed country to fall into arrears with the international fund.

The confirmation came hours after eurozone finance ministers refused to extend Greece’s international bailout programme, which has kept the cash-strapped country afloat for five years.

Gerry Rice, IMF director of communications, said: “We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.”

He also confirmed that Athens had requested an extension of the Greek repayment obligation, saying this request would go to the board “in due course”.

Earlier this week, the European Central Bank said it will not provide any emergency funding for Greece.

A Eurogroup conference call of all 19 eurozone finance ministers will take place today at 15:30 GMT to discuss next steps.

  • Judith Ugwumadu
    Judith Ugwumadu

    Judith writes about public finance, public services and economics across Public Finance International and Public Finance. She previously undertook reporting stints at Financial Adviser, Global Security Finance and The Sunday Express.

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