Sorry, if you’ve heard this before, but it is crunchtime for Greece and its international creditors.
Indeed, things haven’t been this dire since the last time they were this dire. But cynicism aside, it is clear that Greece is running out of money and eventually default will be unavoidable unless Athens and its eurozone partners, the European Central Bank and the International Monetary Fund come to an agreement to extend the country’s bailout.
With that in mind, here’s a look at how much Greece owes in the near term, courtesy of Athens-based Eurobank:
In the very near term, Greece must make a 303.3 million euro ($338.7 million) repayment to the International Monetary Fund on Friday—an obligation that a Greek official said it would meet if it reaches a deal with its creditors even if funds haven’t been disbursed, Reuters reported.
Financial markets, fickle though they are, seem to be in an optimistic mode right now, with the euro EURUSD, +1.9856% posting its best performance against the dollar in several weeks on news that Greece’s fellow eurozone members, the ECB and the IMF—the trio that dare not call itself the troika anymore—had agreed on a set of proposals to put to Athens.
While Friday’s IMF repayment may offer a source of near-term drama (and Greece faces further IMF payments on June 12, June 16 and June 19), European officials have pointed to the end of June as the real crunch date. That is when the current bailout extension officially comes to an end. Also, as the chart shows, Greece faces nearly €5 billion in payments in July.
Indeed, July 20 looms large on the calendar. As this table from Brussels-based think tank Bruegel shows, a pair of bonds held by the European Central Bank worth around €3.49 billion mature on that day.
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