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GreekReporter.comGreek NewsEconomyGreece Pays €6.8 Bln Installments to IMF and ECB

Greece Pays €6.8 Bln Installments to IMF and ECB

bridge-loanThe bridge loan that Greece desperately needed in order to cover the installments to its creditors has finally arrived at the Bank of Greece (BoG).
“As Greece blew past multiple political and financial supposed end-dates over the past five months, July 20 always remained make-or-break,” noted Bloomberg. The European Central Bank (ECB) is not allowed by law to continue financing governments that have defaulted, therefore the country’s inability to pay the ECB installment on July 20 would have certainly resulted in a Grexit.
So the BoG ordered a 4.2 billion euro payment to the ECB and 2.05 billion in arrears to the International Monetary Fund (IMF), since the country had stopped repaying its debts at the end of June.
The total bridge loan can only meet the country’s needs until August. This fact makes the negotiation process and agreement on the third bailout package even more pressing.

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