Greece nears default with no hope of deal at ‘last chance’ summit

The finance ministers of Europe are about to meet for the last time before Greece’s big payment is due to the International Monetary Fund (IMF).

 

And things aren’t looking good.

 

“The Eurogroup’s meeting this Thursday could well be the last chance to get any disbursement ready in time for the bundled payment to the IMF on 30 June, but we are not holding our breath,” analysts at Bank of America Merrill Lynch said in a note Thursday morning.

 

In less than two weeks, Greece owes €1.5 billion ($1.70 billion, £1.08 billion) to the IMF that the government almost certainly doesn’t have.

 

Athens is still in negotiations with its international lenders to unlock billions of euros, which would allow the country to make its debt repayments. But the situation is now a stalemate, with neither side expressing any interest in budging toward an agreement. The creditor institutions want major economic reforms and further austerity by Greece, things the Greek government’s Syriza party was elected to oppose.

 

Read More: Greece nears default with no hope of deal at ‘last chance’ summit – Business Insider