Greece Makes IMF Payments

• 03.16.2015, 18:16
•  Europe,  World

Prime Minister Alexis Tsipras announced that Greek state is not facing a cash shortage and there is no problem with liquidity. This statement came as Greece prepared to issue €1 billion in three-month treasury bills on Wednesday to meet debt repayments.

The government this week must repay over €900 million to the International Monetary Fund and redeem €1.6 billion in three-month treasury bills, Balkans reports.

The Greek government has handed over the €580 million due to the International Monetary Fund today, Bloomberg reports. That means Greece has cleared most of the money owed to the IMF this month, but still faces another €350 million bill on Friday.

These IMF repayments are depleting its cash reserves, raising the pressure on Greece to satisfy its creditors and unlock fresh bailout funds (the Eurozone has been withholding a €7.2 billion payment for several months now). Technical talks between Greek officials and those of its creditors restarted today, having made little progress last week, The Guardian reports.

The Greek new elected government is trying to be responsible and to meet the deadlines. The country has not only debt to its European creditors, but to its own nation as well, as it has to pay for social cost  and all economic damages that has done during the years since the austerity has started.

On the other hand relations between Greece and especially the biggest creditor Germany become strained. Greek accuses Germany for "psychological warfare", which makes the situation more complicated.