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Greece Vows to Hold Out Another Week

The Greek government said it can survive another week without defaulting on the International Monetary Fund as European officials warned the window for accessing aid is closing.

Greece will be able to scrape together enough cash to make a payment of about 300 million euros ($329 million) due to the IMF on June 5, Economy Minister George Stathakis said in an interview with Real News newspaper published Friday.  “The country has been servicing its loans through internal resources for the past year,” Stathakis said. “It will do the same this time.”

Euro-region finance officials told Greece in a teleconference this week that there won’t be time to get a disbursement approved by European parliaments before the bailout expires at the end of June unless they reach a technical agreement next week. With the clock ticking, European policy makers in the German city of Dresden for a Group of Seven meeting said a deal to unlock aid was still not in sight after months of negotiations.

Bloomberg [1]

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