Greek Crisis: Time’s Up! Deadline for Payment Missed

Share On Facebook
share on Linkedin

The clock struck midnight in Athens and Greece became the first advanced country ever to fail to repay an IMG loan. It is now formally in arrears, having missed the deadline for the payment of €1.6bn.

This puts the country even closer to the Grexit, where it leaves the euro.

It’s not definite yet – Greece made a last-minute suggestion for a new bailout programme and Eurozone ministers will discuss this. But earlier today the chairman of the Eurogroup, Dutch Finance Minister Jeroen Dijsselbloem, said it would be “crazy” to extend the bailout beyond the midnight expiration, because the Greek government refused to accept the conditions being proposed.

So what next? Well, nothing will happen right away. Despite officially being in arrears, nobody is going to send in the bailiffs to start repossessing assets (is there anything to repossess?). Both sides will keep talking, trying to find a solution that will keep Greece in the euro.

We will just have to wait to see if they succeed. It could be that everything will wait for the result of Sunday’s referendum. But the next significant deadline is 20 July, when Greece must redeem bonds held by the ECB – €3.46bn’s worth. Failure to do that means the ECB can cut off the country’s access to emergency loans completely.

For more on the Greek debt crises, go to ADVFN’s Greek Crisis page:

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Comments are closed

Do you want to write for our Newspaper? Get in touch:

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20211017 13:47:05