Just over two weeks from now, Greece will be due to repay the staggering €1.2 billion to the IMF on the 5th of June. In case that the indebted country does not meet this repayment obligation, the IMF will contemplate it as a credit event for the following month. Running out of cash, the Greece’s government has repeatedly signalled that the priority is set to pay off it wages and pensions, instead of repaying its creditors.
Recently, Greece’s Prime minister stated that Greece is close to sign a deal with foreign creditors. However, in urgency Greece has set its mind to an ultimatum and once more chance; no IMF repayment on the 5th of June if a deal with the creditors has not been concluded by then.
At least according to a Syriza’s parliamentary speaker, Mr. Nikos Filis clarified this ordeal earlier today to the ANT1 TV channel: “The moment of truth is on June 5, If there is no deal by then that will address the current funding problem, they won’t get any money. We have no money to pay the IMF, we have only money to pay wages and pensions. Whatever we could give to those abroad, we gave it already. It is not possible that the bailout program has been unilaterally stopped and we pay our obligations to creditors from budget money. Now is the moment that negotiations are coming to a head, now is the moment of truth.”
Meanwhile, the talks with creditors for “a deal for cash” have continued and reached a critical point. Since the indebted country has not received any further bailout funding since August last year. Currently, the creditors insist on maintenance of the strict austerity, whilst on the other hand the Greek government is urging to end austerity as well as recession.
Greece’s one last breath
Not always what you see/hear is what you get. A perfect example was the Eurovision song from Greece. Appearing to be a broken heart love song, seems like it delivered a secret message for the EU and the rest of the Troika. Even the “One last Breath” sung by Maria Elena Kyriakou is just clearly asking for the creditors and the European taxpayers for one more chance.
“I’m begging you take me
out of this firing hell.
Come back and save me —
What happened wasn’t fair.
Nothing left. All that I have
is one last breath.
Only one last breath.”