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REPORT: Greece is getting ready to default

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Mike Bird
Business Insider
April 14, 2015

Greece is getting ready to default on at least some of its debt payments, according to the Financial Times.

The country has entered a pretty dire fiscal situation. It desperately needs to unlock bailout funds from its creditors, but progress negotiating that cash is shaky at best.

If Athens doesn’t get its next €7.2 billion ($7.58 billion) bailout tranche by the April 24 Eurogroup meeting of European finance ministers, default becomes a lot more likely, and it seems as if the government is already preparing for the worst. Here’s the FT:

Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking.

The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said.

Full article here

This article was posted: Tuesday, April 14, 2015 at 5:57 am

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