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£148m pay day helps Greece fight debt

by pa reporter

Published 07/05/2015

Cash-strapped Greece has made a €200m (£148m) repayment to the International Monetary Fund, as its long-stalled bailout negotiations appeared to make some progress
Cash-strapped Greece has made a €200m (£148m) repayment to the International Monetary Fund, as its long-stalled bailout negotiations appeared to make some progress

Cash-strapped Greece has made a €200m (£148m) repayment to the International Monetary Fund, as its long-stalled bailout negotiations appeared to make some progress.

The country has a much larger repayment due next week that it will struggle to make. On May 12, Greece must repay about €770m (£554m) to the IMF - and it is not clear if it will be able to meet both that payment and pay some pensions and salaries due mid-month.

Greece once more faces the possibility of defaulting on its debts in the next few weeks, which could set off a chain reaction that jeopardises its membership in Europe's joint currency.

Its left-wing government has been locked in negotiations with its creditors and the institutions overseeing its bailout for the past three months over reforms required to unlock the remaining €7.2bn (£5.3bn) instalment of its €240b (£178bn) bailout.

With no other significant external source of funding, Greece will not be able to continue meeting debt repayments and pay for day-to-day spending without the rescue loans.

Belfast Telegraph

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