GREECE TELLS IMF IT DOESN’T HAVE MONEY TO REPAY DEBTS
Greece says it does not have the money for a debt repayment to the International Monetary Fund due next month.
It is due to pay four installments to the IMF in June, totaling 1.6 billion euro.
Our business editor Vincent Wall says if it does not reach a deal with the IMF and EU, Greece will not be able to secure the final tranche of its bailout.
“They have overall payments of 1.6 billion euro through June to the IMF” he said.
“The IMF, the European Central Bank and the EU are playing tough on this and basically saying that unless they show they can pay that IMF loan starting on June 5th, they’re not going to get the 7.5 billion remaining in the bailout funds” he said.
“The IMF is playing particularly hardball – the Greeks say they have no money” he added.