Never miss a story

Get subscribed to our newsletter


×

Financing needs for Greece could add up to over $55.42 billion (50 billion euros) over the period from October 2015 to end 2018 in order to keep the country afloat, the International Monetary Fund (IMF) said in a staff report.

The IMF’s warning on Thursday came before Greece’s upcoming referendum on July 5. Although the Greek government stressed the referendum was on its creditors’ offer for a reforms-for-cash debt deal, skepticism and strong reactions that the referendum could lead to Grexit was also widespread in Greece.


The report said Greece is unlikely to close its financing gaps from the markets on terms consistent with debt sustainability.

 It slashed Greece’s economic growth forecast in 2015 to zero percent, compared to a growth of 0.8 percent in 2014.

The estimate of the additional 50 billion euros in funding, including 36 billion euros from EU lenders, was based on the assumption that existing support from the EU and IMF would continue through this summer.

The report was prepared before the Greek authorities have closed the banking sector, imposed capital controls, and incurred arrears to the IMF and did not reflect these developments, which the IMF believe are likely to have a significant adverse economic and financial impact.

In May 2010, the IMF approved 30 billion euros in financial assistance for Greece under a Stand-By arrangement, and then in March 2012, the lender approved 28 billion euros for Greece under an extended arrangement to support its economic reform program.

To date, Greece has 21.2 billion euros in outstanding obligations to the IMF. A repayment of about 1.5 billion euros was due to the IMF on June 30. Greece did not make the repayment when due and is now in arrears to the Washington-based lender, which makes Greece the first advanced economy default on IMF debt. (IANS)


Popular

voa

The Indian ships will spend more than two months in the region, the navy said in a statement.

NEW DELHI - India Navy sending four ships for exercises and port visits with the Philippines, Vietnam, Singapore, Indonesia and Australia to strengthen cooperation in the Indo-Pacific region, its navy said Wednesday, as China's maritime power grows in the area.

The Indian ships will spend more than two months in the region, the navy said in a statement.

Keep Reading Show less

The UK government on Thursday announced that it will move India from the red to the amber list on Sunday, in the country's latest update to the 'Red-Amber-Green' traffic light ratings for arrivals into England amid the Covid-19 pandemic.

This means the visit visas for the UK from India are open, in addition to other long-term visas that have remained open. But travellers from India arriving in England can complete a 10-day quarantine at home or in the place they are staying (not mandatorily quarantine in a managed hotel).

Keep Reading Show less
ians

Pakistan has failed miserably to protect Hindus, their interests.

A Hindu temple in Pakistan's Punjab province was reportedly vandalized by hundreds of people after a nine-year-old Hindu boy, who allegedly urinated at a local seminary, received bail, a media report said on Thursday.

According to the Dawn news report, the incident took place on Wednesday in Bhong town, about 60 km from Rahim Yar Khan city.

Besides the vandalization, the mob also blocked the Sukkur-Multan Motorway (M-5), the report added.

Citing sources, Dawn news said that a case was registered against the minor on July 24 based on a complaint filed by a cleric, Hafiz Muhammad Ibrahim, of the Darul Uloom Arabia Taleemul Quran.

The sources said that "some Hindu elders did tender an apology to the seminary administration saying the accused was a minor and mentally challenged".

But, when a lower court granted him bail a few days ago, some people incited the public in the town on Wednesday and got all shops there closed in protest, the report quoted the sources as further saying.

A video clip showing people wielding clubs and rods storming the temple and smashing its glass doors, windows, lights, and damaging the ceiling fans went viral on social media.

Also Read: Hindu Woman Axed To Death In Pakistan

Keep reading... Show less