Greece trolls IMF

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Greece tapped emergency reserves in its holding account at the International Monetary Fund to make a crucial 750 million euro (539 million pounds) debt payment to the Fund on Monday, two government officials said on Tuesday.


With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month.


Member countries of the IMF have two accounts at the fund - one where their annual quotas are deposited and a holding account which may be used for emergencies.


One official told Reuters that Athens used about 650 million euros from the holding account to make the payment.


"We made use of money in our holding account in the fund," the official said, declining to be named. "The government also used about 100 million of its cash reserves."
:D:D:D:D
Greece used up ~EU650m reserves from its SDR IMF holdings account to meet loan payment of ~EU750m due to Fund today, Kathimerini newspaper reports, without citing anyone.


Reserves kept in IMF holdings account need to be replenished within one month
Greece assumes that an agreement will be reached by end-May for disbursement of bailout funds, so that it can replenish holdings account reserves.

So Greece paid IMF with the money it borrowed from the IMF and is now waiting for money from the IMF to Pay back the IMF.

:D:D:D:D:D:D:D:D
@Mad Indian @Rashna @maomao @Khagesh @Tshering22 @Sakal Gharelu Ustad @roma @abingdonboy @Screambowl @VivekShah @Blackwater
 

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