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Monday, June 29, 2015

Greece crisis: What happens next? And how much money does Greece owe?

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.

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.
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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
Factbox: How much Greece owes to international creditors

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

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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