Economy
June 20, 2015
Greece Facing Monetary Deadlines
Written by Sandy Williams
Can Greece remain in the EU without a new bailout? The question has been hotly debated with many EU policymakers willing to kick financially struggling Greece out while others fear that it would set a precedent that might weaken the European Union.
At issue is a €1.54 billion ($1.73 billion) bailout that Greece owes the International Monetary Fund. The loan agreement expires on June 30. If Greece fails to repay IMF, the European Central Bank may conclude that a default is likely and cut off Greek banks. The ECP is only allowed to lend money to solvent banks that can provide eligible collateral.
