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IMF payment of € 1.5 billion is hardly the last of the hurdle, which Greece need to clear in 2015. Other than domestic liabilities of salaries and pensions, Greece has huge amount of debt it needs to clear this year.
- Greece in 2015, had total due of approximately € 37.6 billion. Among which so far it has cleared less than 50% of it around € 17.3 billion.
- There are four group of creditors, who has due left to be cleared by Greece, European investment bank (EIB), International Monetary Fund (IMF), European Central Bank (ECB) and Treasury bill holders.
- Smallest among the creditors are EIB to which Greece owes € 25 million on July 20th.
- Greece needs to payback ECB almost € 6.6 billion within a month in four different installment starting from July 20th.
- Greece still needs to pay back IMF about € 5.2 billion, throughout the year in 10 different installments.
- Greek government is required to refinance € 8.4 billion of treasury bills this year.
Accepting Euro Group's proposal would have given Greece not only last remaining tranche of € 7.2 billion, it would have also given it access of approx. € 10.5 billion fund, left for bank refinancing to payback ECB.
The level of due still left indicates, that without an agreement, Greece is in no position to pay back the money. So there will be series of defaults in negotiation fails.
