Greece Can’t Pay IMF Loan, Says Govt Official

.Protesters flood the cities in Greece over cash crisis in the country. –

Greece will not pay a 1.6 billon euro loan installment due to the International Monetary Fund on Tuesday, a Greek government official confirmed on Monday, highlighting the depth of the financial crisis facing the country.

Ministers have said repeatedly that Greece would not have the funds to pay the IMF unless it reached a deal with creditors to unlock 7.2 billion euros in bailout funds frozen while the two sides wrestled over the conditions demanded of Athens.

After talks broke down at the weekend, triggering the imposition of capital controls on Greek banks, it became a virtual formality that the IMF’s June 30 deadline would not be met.

-Source: timesofindia.


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