Business Insider: Greece has a major debt repayment to make in the next 24 hours# Stock
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Greece has a major debt repayment to make in the next 24 hours and the
situation is looking desperate
Mike Bird Apr. 8, 2015, 10:16 AM
Greece's next major debt repayment to the International Monetary Fund (IMF)
is due on Thursday. It's worth 60 million ($499.44 million), and though
most analysts think it'll be made, there's almost no way the government can
go much further without the latest package of bailout money.
The government is still locked in negotiations with the rest of Europe for
the .2 billion ($7.82 billion) bailout it agreed to in late February.
There are few signs of much progress being made and investment bank UBS now
suggests that Greece is likely to default at some point soon.
Greece has a bundle of other payments to make in the weeks and months ahead,
and nobody knows which will be the one that Athens can't afford.
Here's HSBC's timeline of what's coming up:
Here's HSBC on how the situation with play out from here:
We remain confident that the government should be able to meet its payments
- including wages and pensions - until the end of April, as also confirmed
by Greek government sources recently ... We suspect the real crunch point
might be the EUR0.8bn repayment to the IMF on 12 May. Without any payment
from the creditors by then or a substantial improvement in the public
finances, we find it difficult to see how Greece could meet that payment.
Some think it's even sooner than that, and the crunch point could be on
April 20.
Nobody knows quite how much money the Greek government has left. It is
making pension and salary payments, but everything other than that is a bit
of a question mark. At the end of March the Financial Times reported that
Greece is raiding public health funds and state-owned utilities — combined
with EU agricultural payments, that might have raised nearly billion, but
it's a short-term boost at best.
The bottom line is that Greece's public finances are looking extremely grim.
Without the bailout cash, the country will have to default on something
pretty soon. Even with that money, Greece has just a few months to breathe
before it's back in the same position once again.
http://www.businessinsider.com/greece-has-a-major-debt-repaymen
situation is looking desperate
Mike Bird Apr. 8, 2015, 10:16 AM
Greece's next major debt repayment to the International Monetary Fund (IMF)
is due on Thursday. It's worth 60 million ($499.44 million), and though
most analysts think it'll be made, there's almost no way the government can
go much further without the latest package of bailout money.
The government is still locked in negotiations with the rest of Europe for
the .2 billion ($7.82 billion) bailout it agreed to in late February.
There are few signs of much progress being made and investment bank UBS now
suggests that Greece is likely to default at some point soon.
Greece has a bundle of other payments to make in the weeks and months ahead,
and nobody knows which will be the one that Athens can't afford.
Here's HSBC's timeline of what's coming up:
Here's HSBC on how the situation with play out from here:
We remain confident that the government should be able to meet its payments
- including wages and pensions - until the end of April, as also confirmed
by Greek government sources recently ... We suspect the real crunch point
might be the EUR0.8bn repayment to the IMF on 12 May. Without any payment
from the creditors by then or a substantial improvement in the public
finances, we find it difficult to see how Greece could meet that payment.
Some think it's even sooner than that, and the crunch point could be on
April 20.
Nobody knows quite how much money the Greek government has left. It is
making pension and salary payments, but everything other than that is a bit
of a question mark. At the end of March the Financial Times reported that
Greece is raiding public health funds and state-owned utilities — combined
with EU agricultural payments, that might have raised nearly billion, but
it's a short-term boost at best.
The bottom line is that Greece's public finances are looking extremely grim.
Without the bailout cash, the country will have to default on something
pretty soon. Even with that money, Greece has just a few months to breathe
before it's back in the same position once again.
http://www.businessinsider.com/greece-has-a-major-debt-repaymen