Greece will not be able to make the €300 million payment to the International Monetary Fund (IMF) on Friday but will in fact bundle the country’s four June payments into one, which is now due on June 30, in order to hand over €1.6 billion at the end of the month.
IMF announced that Greek authorities have informed the fund “that they plan to bundle the country’s four June payments into one, which is now due on June 30.”
Under an Executive Board decision adopted in the late 1970s, Greece and all the other country-members have the right to ask to bundle together multiple payments falling due in a calendar month.
The June installments to the IMF are as follows: 300 million euros on June 5, 350 million on June 12, 560 million on June 16 and 350 million on June 19.
“The Greek government ordered me to bundle up all June installments to the IMF,” said Bank of Greece (BoG) Governor Yiannis Stournaras.