Press Release No.15/310 | June 30, 2015
Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece’s financial obligations to the IMF due today:
“I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.
“I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.”
In this context:
Nine Key Questions on Greece
In May 2010, the IMF approved €30 billion in financial assistance for Greece under a Stand-By arrangement to support the country’s economic reform program. In March 2012, the IMF approved €28 billion (or $36.7 billion) in financial assistance for Greece under an extended arrangement to support the country’s economic reform program. To date, Greece has €21.2 billion in outstanding obligations to the IMF.
A repayment of about €1.5 billion was due to the IMF under the stand-by arrangement on June 30, 2015. That repayment was not made when due.
Here are answers to key questions about the IMF’s financing to Greece.
- Question 1. What would the IMF like to see happen to resolve the situation?
- Question 2. What happens to Greece because of the failure to make a repayment when due?
- Question 3. Is there a grace period?
- Question 4. Can a payment be postponed?
- Question 5. How does the IMF work to resolve overdue payments?
- Question 6. Are there penalties for a failure to repay?
- Question 7. What does being in arrears to the IMF mean for Greece’s other creditors?
- Question 8. Is the IMF’s ability to finance other members hurt by this non-payment?
- Question 9. Will the IMF’s shareholders suffer losses if Greece does not repay?
Compliments of the International Monetary Fund, IMF