IMF Payment: Greece requested extension – SPIEGEL ONLINE

The Greek Government has made a request to the IMF to bundle due on Friday June payments and to transfer as a whole at the end of the month. “The Greek authorities have the funds now informed that they plan to bundle the June payments of the country, due on June 30, is then,” said an IMF spokesman.

The bundling of several installments in a month is possible according to the IMF Statutes. So far, this possibility has been used only once, however – from Zambia, in the eighties.

Overall, the Greeks would thus at the end of the month transfer around 1.5 billion euros, which would otherwise have been payable in four installments (see chart).

Normally, the IMF on strict payment. Despite occasional threats Greece was the hitherto always complied. Shortly before the announcement of the Greek request IMF head Christine Lagarde had said, she expects on Friday with the next payment.

In the night to Thursday Greece’s Prime Minister Alexis Tsipras and European Commission President Jean-Claude Juncker had long discussions on further financial aid to Greece.

German Chancellor Angela Merkel, who had telephoned after the talks with Juncker signaled so far no further compromise. “We on our part are of good will but good will alone is not enough. In the end the bill must be satisfied,” she said of the newscast “RTL Aktuell”. They also expressed confidence that the IMF plans no retreat from the Greek bailout. You have not heard of it, “that the IMF would imagine”.

“The IMF maintains the clock in the negotiations again on”, commented Gerhard Schick told SPIEGEL ONLINE the planned bundling. The financial expert of the Greens believed to be currently in Athens for talks. “That’s the first place, a relief, but every day more of the uncertainty and waiting for an agreement harm Greece’s economy and thus all parties involved.”