Greece unlikely to make the IMF repayment today

June 30, 2015

Lee Hardman, Currency Analyst at Bank of Tokyo-Mitsubishi UFJ, shares their observations regarding the Greece repayment.

Key Quotes

“An unnamed Greek official has stated that government will not make the EUR1.6 billion repayment due to the IMF today. The credit rating agencies have already reported that a missed payment to the IMF today would not constitute a formal default as it is an official entity.”

“Euro-zone officials have indicated as well that it will not affect other official loans owed by Greece. However, it has been reported that if IMF Director Lagarde tells her board that Greece has defaulted, then the European Financial stability Facility would have to decide among three options: i) to claim the funds Greece owes to the EFSF, ii) waive the EFSF’s right to the money, or iii) invoke a “reversion of rights” that would avid an immediate claim while maintaining the option to take such a step.”

“It also remains unclear how the ECB will react to a missed payment to the IMF which may have an impact on their decision tomorrow when setting the provision of emergency liquidity assistance to Greek banks.”

Publication source
HYCM information  HYCM reviews

January 17, 2017
Sterling Struggles Ahead of Theresa May's Speech
Theresa May will make a speech outlining her plans for Brexit tomorrow, Tuesday 17th Jan, before the UK triggers Article 50 to leave the EU...
January 17, 2017
Volatility elevated ahead of May's Brexit speech; Pound recovers
Financial markets are anxiously awaiting U.K. Prime Minister Theresa May speech later today where she will lay out a detailed divorce plan from the EU.
January 16, 2017
Sterling slides on Theresa effect
The heightened hard Brexit fears have triggered a steep Sterling selloff during the early trading hours of Monday with the GBPUSD tumbling to a fresh three-month low at $1.1983...

OctaFX Rating
Trade360 Rating
Tickmill Rating
FxPro Rating
Orbex Rating
FBS Rating

EZTrader Rating
Binary Brokerz Rating
365BinaryOption Rating
IQ Option Rating
Empire Option Rating
Anyoption Rating