21653
Greece Repays Creditors in Full
World Economy

Greece Repays Creditors in Full

The International Monetary Fund and the European Central Bank have confirmed that they have been repaid by Greece.
The IMF confirmed that Greece has cleared overdue debt repayments of €2.05 billion ($2.23 billion) and is no longer in arrears, MarketWatch reported.
The repayments, and another for €4.2 billion to the European Central Bank due on Monday, came after the EU made Greece a short-term loan of €7 billion.
Cash-strapped Greece missed one repayment to the IMF in June and another earlier this month.
Earlier on Monday, Greek banks reopened after being closed for three weeks.
However, many restrictions remain and Greeks are facing price rises with an increase in value added tax.
IMF spokesman Gerry Rice confirmed in a statement that Greece had repaid the totality of its arrears.
“As we have said, the fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth,” he said.
Greece missed its first repayment to the IMF on June 30 and another on  July 13 during deadlock over negotiations for a third bailout.
The crisis brought Greece to the brink of economic collapse and an exit from the euro.
The government has since reached a cash-for-reforms deal with its creditors and negotiations are due to begin on the proposed €86 billion rescue package. For the past three weeks, Greeks have been waiting in line at cash machines to withdraw a maximum of €60 a day, a restriction imposed amid fear of a run on the banks.
From Monday, the daily limit becomes a weekly one capped at €420, meaning Greeks will not have to queue every day.
However, a block on transfers to foreign banks and a ban on cashing checks remain in place.
VAT is rising from 13% to 23% meaning Greeks will pay more on a range of goods and services, including taxis and restaurants.
The rise was among a package of reforms demanded by Greece’s creditors.

 

Short URL : http://goo.gl/7FVOu7

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...

Trending

Googleplus