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The Guardian: Greece warns it is set to default on debt repayment loans

Interior minister says Athens simply cannot satisfy IMF deadline next month unless it works out a deal with eurozone creditors

Greece has threatened to default on €1.6bn (£1.14bn) of debt repayment due on international bailout loans next month, claiming it does not have the funds to satisfy creditors at the same time as paying wages and pensions.

The Greek interior minister, Nikos Voutsis, a long-standing ally of the prime minister, Alexis Tsipras, insisted the country was near to financial collapse. In an interview with Greek television station Mega TV he said Athens needed to strike a deal with its European partners within the next couple of weeks or it would default on repayments to the International Monetary Fund that form part of its €240bn rescue package.

WNU Editor: By not pushing forward a workable plan to salvage their finances (something that was promised in March), Greece basically told the world that they were/are not interested in paying off their debts. But at the same time that they are telling everyone that they are not gong to pay, they want to borrow even more money to pay pensions and salaries while threatening the end of the Eurozone if they do not get their funds. Threatening countries like this is not going to work ... doubly so if you are not interested in paying off past debts. Everyone knows that this is not going to end well .... and being someone who experienced this in Russia in the 1990s, I can tell you on what is going to happen next. As soon as Greece goes into default, it will be "kicked-out" of the Eurozone, and it will be formally shut out from international credit markets. By being shut out of these markets, the Greek government will have no money .... and no money means that no one is going to be paid. No salaries, no pensions, no funds available to purchase goods or to pay-off contractors. Businesses will revert to barter, and international currencies will be the currency of choice .... not some paper that the government will be calling the new drachma. This currency/financial crash will last a long time .... in Russia it lasted for a few years .... I predict the same for Greece.

More News On Greece Being On The Verge Of Defaulting On Their IMF Loans

Greece to miss IMF payments amid fears of 'catastrophic' eurozone rupture -- The Telegraph
Greece refuses to pay £1.1billion bill with fears that entire euro project could unravel if country crashes out of currency -- Daily Mail
Greece does not have the money to make June IMF repayment - interior minister -- Reuters
Greece Won’t Meet IMF Repayments in June, Interior Minister Says -- WSJ
Greece can't make €1.6B IMF payment, refuses to budge on rescue aid terms -- UPI
Greece 'has no money' to meet IMF debt repayment -- AFP
Greece warns it has 'no money' to make IMF debt repayments -- Deutsche Welle

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