Greece Is Running Out of Money, Cannot Make June IMF Repayment

jones_supa writes: Greece, the country which has been in extreme financial trouble and high debt for years, cannot make debt repayments to the International Monetary Fund (IMF) next month, unless it achieves a deal with creditors. 'The four installments for the IMF in June are €1.6 billion ($1.8 billion). This money will not be given and is not there to be given,' Interior Minister Nikos Voutsis told Greek Mega TV's weekend show. Shut out of bond markets and with bailout aid locked, cash-strapped Athens has been scraping state coffers to meet debt obligations and to pay wages and pensions. With its future as a member of the 19-nation eurozone potentially at stake, a second government minister accused its international lenders of subjecting it to slow and calculated torture.

Comments

Re:They're bums, why keep them around

[sonicmerlin]

You're a freaking idiot. Greece is nothing like Venezuela. They've been severely hampered by the Euro, unable to enact proper monetary or fiscal stimuli to deal with their recession and 25% unemployment. Even running an account surplus the last few years they've been drained by these nonstop debt repayments, all while their export prices are artificially inflated by a strong Euro.

Re:Greece cannot make debt payments...

[ihtoit]

the Double Irish AKA inversion is to be abolished by 2020. Eire will no longer be the tax haven it used to be. Businesses will be forced to go through Luxembourg, unless they've also been forced by the EU to legislate through their "haven" status. As for Eire's overall economy, it's still shit. Ghost companies established to dodge taxes in other countries don't employ ANYBODY. They don't PRODUCE ANYTHING. They don't pay taxes which doesn't ADD anything to the local economy. The whole point of them is to leech and avoid paying taxes which are RIGHTFULLY DUE. The fact of the matter is that the UK and Eire are both net importers of just about everything. We used to produce the world's best coal, steel, copper, tin, cotton fabrics, bicycles... now we produce the world's most unemployable, self-entitled youth.

How far we've come, eh?