Greece Makes Official To Repay Funds On April 9th

By on April 3, 2015


Greece has made an official announcement that they will repay a loan tranche to the IMF on time on April 9th 2015. The statement was released by the deputy finance minister, who is seeking to quell fears of default after a flurry of contradictory statements on the issue of repayment in recent days.


Greece is simply out of cash and its Euro zone and International Monetary Fund lenders have frozen their bailout aid until the new government reaches agreement on a package of reforms.


Euro zone officials accused Greece as saying it will run out of money on April 9th, but the finance ministry denies this will occur.


“We strive to be able to pay our obligations on time,” Dimitris Mardas told Greece’s Skai TV. “We are ready to pay on April 9.”


In addition to that mess, German magazine Der Spiegel quoted a finance ministry general secretary, Nikos Theocharakis, as saying Greece would probably not pay next week’s IMF tranche, prompting a further denial from the Greek finance ministry.


Theocharakis said Greece would be “close to the end” on April 9th and called the technical teams from its creditors “completely useless,” according to an excerpt of the article due to be published on Saturday.


“Mr. Theocharakis never characterized the technical teams of the institutions with the phrase attributed to him,” the ministry said in a statement. “On the contrary … he referred to them as saying they include ‘top-notch people with impressive skills.'”


The government is hoping approval of its latest reforms plan will unlock remaining aid of about 7.2 billion Euros under its EU/IMF bailout and lead to the return of about 1.9 billion euros in profits made by the European Central Bank on Greek bonds.


Mardas said, without providing numbers, that state revenue in March had topped targets and that the government had made progress in talks with creditors on its latest reforms list.


German Chancellor Angela Merkel has said Greece would receive fresh funds only once its creditors approve the reforms Athens has presented.