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Greece Woes Continue….

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Thousands of Greeks take part in a rally to urge voters to say "Yes" in the July 5 referendum in Athens, Greece, on June 30, 2015.

Greece misses new payment to IMF….reports Asian Lite News

Thousands of Greeks take part in a rally to urge voters to say "Yes" in the July 5 referendum in Athens, Greece, on June 30, 2015.

The International Monetary Fund (IMF) said on Monday that Greece missed a new repayment worth of about 456 million euros to it by the day after the country failed to make a 1.5 billion-euro repayment due on June 30.

“The SDR 360 million principal repayment (about 456 million euros) due by Greece to the IMF was not received,” said Gerry Rice, director of communications at the IMF in a statement, Xinhua reported.

On June 30, Greece failed to make 1.5 billion euros of repayment to the Washington-based global lender. To date, Greece’s arrears to the IMF total about 2 billion euros.

Rice said that the IMF executive board will discuss Greece’s request for an extension of the repayment due on June 30 in the coming weeks.

After marathon tough negotiations, the leaders of euro zone countries reached a bailout agreement for Greece to avoid bankruptcy, provided the Greek government implements harsh austerity measures.

Tough Task for the PM

Greek Prime Minister Alexis Tsipras is facing a tough battle to win support from coalition partners for the third bailout offered by eurozone leaders, BBC reported.

Four pieces of legislation must be passed by the end of Wednesday including pension and VAT reforms. But Defence Minister Panos Kammenos, a junior coalition partner, has already said he will not support the measures.

If the deal fails, Greece’s banks face collapse and the country could then be forced to leave the euro.

The bailout is conditional on Greece passing all the agreed reforms – including raising tax revenue and liberalising the labour market – in parliament by Wednesday.

Finance ministers from all 28 EU countries are holding a scheduled meeting in Brussels on Tuesday morning, where they will discuss the situation in Greece.

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