As we edge closer to the 30th June deadline for Greece the payments are mounting up
That's the problem with borrowing money. No matter how many times you can kick the can at some point you've got to pay. Greece has faced a stiff test over paying back the IMF over the last couple of weeks and the payments on the near horizon are building up.
Here's the timeline courtesy of MNI
- End of the month €1.7bn Public sector wages and benefits
- 5th June IMF loan €312m
- 12th June IMF loan €345m & €3.6bn T-bill redemption
- 16th June IMF loan €575m
- 19th June IMF loan €345m, T-bill redemption €1.6bn, ECB GGB coupons €85m
- End of June €1.7bn public wages/benefits, end of EU bailout program extension
The next Eurogroup meeting is June 18th & 19th
That's €1.662bn to the IMF/ECB and €3.4bn in wages. I'm not sure on the state of play for the T-bill redemptions as there may be some significant rollovers that will reduce those numbers. Even so, Greece was struggling to pay the last IMF amount due last week so the squeeze is on for all these bills and repayments coming due.
Probably the biggest crunch for Greece will come internally if the public sector wages don't get paid. That won't be good news for Tsipras and his new government.
