Eurozone debt crisis: Greece admits it cannot make loan repayments

GREECE raised new fears of eurozone collapse yesterday after saying it could not afford an international loan repayment due next week.

nterior Minister Nikos Voutsis, whose Syriza party was elected earlier this year on a left-wing, anti-austerity ticket,  told Greek TV his country did not have the £1.1 billion expected by the International Monetary Fund on June 5.

The Greek government is being told by the IMF and EU to make more reforms in exchange for a further £5 billion in bailout cash to stave off bankruptcy.

Failing to make a deal and meet the loan repayment deadline would spark market panic and spell more pain for the cash-strapped nation.

Greek Finance Minister Yanis Varoufakis insisted his country had made “enormous strides” in terms of meeting international obligations while also managing to pay public sector wage, pension and other bills.

“It is now up to the institutions to do their bit. We have met them three-quarters of the way, they need to meet us one-quarter of the way,” he told BBC1’s Andrew Marr show.

Full article: Eurozone debt crisis: Greece admits it cannot make loan repayments (Express)

Comments are closed.