By Sam Willie
The Wall Street
Journal covers
the latest chapter in the Greek debt drama. This past week Greek Finance
Minister Yanis Varoufakis said he was “certain” Greece would have a problem
“paying off the installments of the IMF.” The IMF has an outstanding loan of
$20 billion to Greece, and $1.7 billion of that loan is due in the coming weeks.
It is suspected that Greece may be angling for support to issue more short-term
debt and renegotiate more favorable bailout terms with the IMF and the European
Central Bank. Critics note that failing to pay the IMF would make Greece the
first advanced economy in the Fund’s existence to fall into protracted arrears,
and would seriously undermine any efforts by Greece to obtain financing in the
future.
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