World Economy

Athens Needs Urgent Aid

Athens Needs Urgent AidAthens Needs Urgent Aid

Greece intends to make good on its debt obligations but needs aid urgently to be able to do so, the government said, after several senior officials insisted Athens had no money to pay a loan installment falling due next week, Reuters reported. Shut out of bond markets and with bailout aid locked, Greece is running out of cash to pay its bills. It must repay four loans totaling 1.6 billion euros ($1.76 billion) to the International Monetary Fund next month, starting with a 300 million euro payment on June 5. Athens has the money to make monthly wage and pension payments this week, government spokesman Gabriel Sakellaridis told a news conference. “Based on the liquidity problems that we have, there is an imperative need for us and the eurozone to have a deal as soon as possible,” Sakellaridis said. “To the degree to which we are able to pay our obligations, we will pay our obligations. It’s the government’s responsibility to be in a position to pay all of these obligations.”