In Greek Debt Drama running it on a decision beyond. The IMF gives Athens a few days time – enough for a quick agreement with creditors? Before the G7 summit, it is probably nothing more.
One day before the next due repayment installment of the International Monetary Fund (IMF), Greece has granted a brief deferment. The step gives Athens a little air in the feverish crisis negotiations with the donors, but has led to the cancellation of a peak apparently meeting at EU level for Greek crisis this Friday. After months of stalemate wanted Greece funders – in addition to the IMF, the European Central Bank (ECB) and the European Commission – the debt dispute actually enclose if possible before the G7 summit on Sunday
economists are now warning against a heightened “. Grexit “-Risk. With the suspension of payments, the probability of sovereign default rapidly approaching. Economics professor Nicholas Economides of the New York University Stern School of Business told the news agency “Bloomberg”: “The delay in payment to the IMF is an escalation in the confrontation.” You increase the risk of bankruptcy and therefore also the risk that Greece would be forced to withdraw from the euro zone.
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Such deferral would point out that the Greek Government think they could smuggle a reform by the Parliament before the next support of creditors are due, Jacob Funk Kirkegaard said scientists at the Peterson Institute for International Economics in Washington “Bloomberg”.
However, it could also mean that the Greek Government to hope desperately that the IMF and the United States could exercise in the negotiations pressure on the EU to come to terms with the Greeks. A hope that Kirkegaard as “wrong” designated.
“In the end, their lack of clarity as to what they actually want, preventing them to reach any of its goals,” said Kirkegaard.
A withdrawal of Greece from the euro zone remains the most sensible option, the president Hans-Werner Sinn of the “Bild” newspaper said the economic research institute Ifo,,. Only one exit and a devaluation of the currency could Greece afloat again. The country had 325 billion euros by the international community obtained without the money helped
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Even the president of the Center for European Economic Research (ZEW), Clemens Fuest, warned the Federal Government in the “Bild” newspaper against further concessions. The Greek Government to Prime Minister Alexis Tsipras will not also abide by newly agreed reform obligations, Fuest said. Why Germany should not mix new loans awarded. About already contracted loans and the conditions, however, Berlin should be willing to negotiate.
Athens calls for such reclassification for months. “Nothing is decided yet,” quoted the “world” of negotiation circles. Should agree and the Euro Group Athens and its creditors to agree about it would have to the Bundestag vote, because then the program would be changed.
The IMF confirmed on Thursday evening that he had been informed of Athens that the four-June rates were paid in one fell swoop. The total sum of 1.6 billion euros was now “mature on June 30,” the IMF said in Washington. This possibility has been created at the end of the 70s, but so far only once – by Zambia in the 80s – used
Actually, Athens would have paid already this Friday some 300 million euros to the IMF.. Greece must now remit bundled all four installments due in June, the IMF said in Washington on Thursday night. As the German Press Agency learned from the Ministry of Finance Athens, Greece will pay the nearly 1.6 billion euros on 30 June. Athens experts evaluated this solution as a step on the way to achieve an agreement with donors more to Greek ideas.
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