Greece's bailout officially expires on Tuesday June 30,2015 The country must also repay a €1.6bn IMF debt due on the same day.
Given that the referendum on the bailout deal proposed by the creditors won't be held until next Sunday July 05,2015, the Greek government looks set to default on that debt.
Greece owes around €56bn to Germany, €42bn to France, €37bn to Italy, and €25bn to Spain.
The Greek government also owes private investors in the country around €39bn, and another €120bn to institutions including Greek banks.
Greece's Finance Minister Yanis Varoufakis said his country would not make the deadline today Tuesday June 30,2015 for a key payment to the International Monetary Fund.
Asked by journalists outside the ministry whether Greece would make the debt repayment of about 1.5 billion euros ($1.6 billion), he replied, "No".
Protesters hold placards forming the word "No" during an anti-EU protest outside the parliament in Athens, Greece June 28, 2015
Given that the referendum on the bailout deal proposed by the creditors won't be held until next Sunday July 05,2015, the Greek government looks set to default on that debt.
How much does Greece owe?
Greece, which may default on an International Monetary Fund debt repayment due on Tuesday after talks with creditors broke down, owes its official lenders 242.8 billion euros ($271 billion)
Greece owes money to a number of countries and organisations following two bailouts - one in 2010 and another in 2012. The bailout funds totalled €220bn, most of which hasn't been be paid back.Greece owes around €56bn to Germany, €42bn to France, €37bn to Italy, and €25bn to Spain.
The Greek government also owes private investors in the country around €39bn, and another €120bn to institutions including Greek banks.
Greece's Finance Minister Yanis Varoufakis said his country would not make the deadline today Tuesday June 30,2015 for a key payment to the International Monetary Fund.
Asked by journalists outside the ministry whether Greece would make the debt repayment of about 1.5 billion euros ($1.6 billion), he replied, "No".
Protesters hold placards forming the word "No" during an anti-EU protest outside the parliament in Athens, Greece June 28, 2015
Stunned Greeks faced shuttered banks, long supermarket lines and
overwhelming uncertainty on Monday June 29,2015 as a breakdown in talks with
international lenders plunged their country deep into crisis.
Greece's banks were shut after the European Central Bank rejected its
request for 6 billion euros of additional emergency funding on Sunday June 28,2015 to
cope with massive withdrawals, though the ECB is expected to allow
Greek banks to keep using existing funds until the referendum on Sunday July 05,2015
The Referendum scheduled for July 05,2015 poses a simple question: "Should the proposal which was
submitted by the European Commission, the European Central Bank and the
International Monetary Fund at the Eurogroup of June 25, 2015 which
consists of two parts that together constitute their comprehensive
proposal be accepted?"
The "No" box appears as the first option, above the "Yes" box. The says a "No" will strengthen its hand at the negotiating table, though other European leaders say it will instead push Greece out of the euro
The "No" box appears as the first option, above the "Yes" box. The says a "No" will strengthen its hand at the negotiating table, though other European leaders say it will instead push Greece out of the euro
No public opinion polls were available, but the Economist Intelligence Unit said a "No" vote was more likely,
raising the probability of Greece leaving the euro zone to 60 per cent.
($1 = 0.9026 euros)
On Monday June 29,2015, cash machines remained closed until midday, and then opened for withdrawals of no more than 60 euros a day.
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