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Financing needs for Greece could add up to over $55.42 billion in next 3 years: IMF

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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)

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Australian Man Jacob Welsh from Geelong, Melbourne raises $4,000 to bring stray dog home from Greece

Welsh said he and Chance became inseparable after he found her lying in a pile of broken glass on the side of a busy road in Greece

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Jacob Welsh with the dog. Image source: Facebook

Melbourne, Sept 6, 2016: An Australian man Jacob Welsh has raised $4,000 to bring a stray dog home from Greece.

Welsh is from Geelong, 75 km from Melbourne, raised the money on a popular crowd-funding Website, to bring the dog, which he named “Chance,” back to Australia, Xinhua news agency reported on Tuesday.

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The resounding success of the campaign guaranteed Chance would have a home for the rest of her life, said Welsh.

“Thank you! She will not spend another night on the street thanks to all the help we’ve received,” Welsh wrote on social media on Tuesday.

Welsh said he and Chance became inseparable after he found her lying in a pile of broken glass on the side of a busy road in Greece.

“I called her over to me and she hesitantly approached, I gave her a little pat and ever since then she has followed me wherever I go,” he wrote on social media earlier.

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“I didn’t have the heart to leave her on the street after that so since then I have been sneaking her into my apartment, which has a strict no-pets policy.

“The sad reality of her going back on the streets is becoming more and more real as my time left in Greece comes to an end.

“Australia’s laws are very strict with this kind of thing but I have done the research and it is possible, just very expensive. If you can spare a few dollars Chance and I would really appreciate it.”

Costs involved in bringing an animal into Australia include a rabies vaccine, pet passport, plane tickets, airport transfers, de-worming medication and a pet carrier box. (IANS)

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