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Greece drains its emergency account at IMF to repay IMF loan
Greece Tapped Its Emergency IMF Reserves to Pay IMF Debt: Sources
By Lefteris Papadimas and George Georgiopoulos
Reuters
Tuesday, May 12, 2015
ATHENS -- Greece emptied an emergency IMF holding account to repay 750 million euros (L539.4 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances.
With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions this month.
Members of the International Monetary Fund are required to keep a holding account, which may be used for emergencies, but the money can be used only with the lender's approval, the central bank official said.
A government official told Reuters that Athens used about 650 million euros from the holding account and 100 million euros from its cash reserves to make the payment on Monday. ...
... For the remainder of the report:
http://uk.reuters.com/article/2015/05/12/uk-eurozone-greece-idUKKBN0NX0Q...
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