Greek debt mountain a huge summit to overcome

Greek debt mountain a huge summit to overcome
By Euronews
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Greece is in dire need of fresh money or it may well default on an International Monetary Fund repayment by the end of the month. The Greeks a

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Greece is in dire need of fresh money or it may well default on an International Monetary Fund repayment by the end of the month.

The Greeks a mountain to the troika of international lenders, which includes the IMF, the ECB and the eurozone.

Private investors own €38.7bn of Greek government bonds and Athens issued €15bn of short-term Treasury bills, in the main to the Greek banking system.

Over the summer months Athens must repay €1.6bn to the IMF by the end of the month.

In July €3.9bn is due and in August €3.2bn.

The recent wrangling, insults and brinkmanship with so much at stake have left many unimpressed.

Jeremy Batstone-Carr is chief strategist, at Charles Stanley Securities: “In our view neither side, the countries creditors or Greece itself have emerged with any great credit. And that I think will continue to dog the euro zone even after this crisis has been resolved.”

Eurozone members Germany, France, Italy and Spain are exposed to more than €161bn euros of Greek debt that is on top of their contributions to the IMF loans.

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