IMF’s Lagarde Rules Out Greek Payment Delay

Angela Merkel addressed the Bundestag on Thursday over the Greek issue.
Angela Merkel addressed the Bundestag on Thursday over the Greek issue.

Angela Merkel addressed the Bundestag on Thursday over the Greek issue.

International Monetary Fund chief Christine Lagarde warned Athens Thursday it cannot delay a huge payment due at the end of the month, piling on the pressure as euro zone ministers sought a deal on the Greek debt crisis. “There will be no period of grace,” Lagarde told reporters in Luxembourg. “I have a term of June 30- if it’s not paid by July 1, it’s not paid.” The crisis is nearing a climax with Greece’s international bailout due to end on June 30 before Athens gets the last 7.2 billion-euro tranche, and without a deal it will be unable to pay the IMF. German Chancellor Angela Merkel told the Bundestag lower house of parliament that a cash-for-reforms agreement could still be reached. “I am still convinced- where there a will, there’s a way. If the political leaders in Greece demonstrate this will, then a deal with the three institutions is still possible,” Merkel said. “It remains the case that Germany’s efforts are aimed at keeping Greece in the euro zone.” But hopes that Thursday’s Eurogroup meeting could produce a breakthrough dimmed, with the issue likely to go to the wire at a summit of EU leaders in Brussels next Thursday and Friday. Creditors are withholding the last part of the bailout until Athens comes up with further reforms, but leftist Prime Minister Alexis Tsipras has refused to make changes to pensions and VAT rates.

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Chukwunonso Azinge is a Public health parasitologist whose variety of intrests ranges from international news reportage, writing articles on current world issues and of course football. Follow me on Twitter @azingelfc and on Facebook- Nonso 'King Kenny' Azinge.

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