Greece likely to default if another agreement can’t be made
Greece will not be able to pay the International Monetary Fund its June payment unless the European country can come up with agreements with its creditors, Yahoo reported Sunday. This is bad enough as a single payment of 750 million euros ($845 million) could go unpaid. What’s worse is that they have several more payments due over the next three months.
The extreme-left government, winning control in January with an anti-austerity platform, is negotiating with its three major debtors to unlock a large bailout fund. However, they have so far been unwilling to make the necessary cuts as the preliminary criteria for receiving the funds.
The government is attempting to turn attention to the European Union, claiming that it’s “their move” to make this work. Unfortunately, they’re trying to create a dangerous precedent by basically throwing their hands up and saying, “we can’t do it, so what are you going to do to help?”
According to Yahoo News:
In an interview with the BBC on Sunday, Greece’s Finance Minister Yanis Varoufakis also warned: “We have done remarkably well for an economy that doesn’t have access to the money markets to meet our obligations. At some point, we will not be able to do it.”