GREECE

Greek payments to IMF, ECB on their way

Greece has initiated the repayment of overdue loans to the International Monetary Fund and the European Central Bank. The required transactions are to be finalized by the end of business on Monday.
Greek euro coin in water (Photo: Federico Gambarini/dpa)
Reuters and DPA news agencies on Monday cited Greek government officials as saying that the near-bankrupt southern European eurozone nation had begun making overdue payments to two of its main creditors, the International Monetary Fund (IMF) and the European Central Bank (ECB).
The reports said a total of 6.25 billion euros ($6.77 billion) was on its way to the two lenders, with the required transactions to be completed by the end of the business day.
Greece owed 3.5 billion euros to the ECB and national central banks in the euro area on government bonds that have matured, including 0.7 billion euros in interest.
No wiggle room
Athens' payment due to the IMF amounts to approximately 2.05 billion euros. In addition, the Greek government is paying back a 500-million-euro loan to its own central bank.

Greek banks: Restrictions still apply

Last week, struggling Greece received a credit worth 7.16 billion euros from the permanent EU rescue fund, the EFSM (European Financial Stabilization Mechanism).
It's been serving as a bridge loan to keep Greece afloat financially until a new aid package is agreed among eurozone member countries.
hg/sgb (Reuters, dpa)

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