Greece on Friday was in the process of repaying a 5-billion-euro ($6.4 billion) treasury bill with money raised from another debt issue this week, thus avoiding a payment default, a debt management agency source said, according to Wall Street Journal.
“The payment is proceeding without problems, the necessary money is present,” an agency source told AFP. He did not specify when the process would be complete.
Faced with a financing gap from a stalled European Union-International Monetary Fund loan instalment that is still pending, Greece raised the necessary money earlier in the week with a sale of three- and one-month treasury bills.
It drew EUR4.0 billion ($5.18 billion) on Tuesday and added another EUR938 million two days later.
Greek Prime Minister Antonis Samaras warned last month that the country would run out of money on Friday without the prompt release of funds from the EU and IMF. Worth EUR31.2 billion overall, the EU-IMF loan payment was supposed to have been disbursed by July but was held back owing to reform delays and protracted political uncertainty after a four-month electoral campaign in Greece.
(source: AFP, WSJ, Capital)
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