The chief of the International Monetary Fund, Christine Lagarde has denied rumors that a grace period might be given to Greece should the country be unable to make a 1,6bn euro payment due at the end of the month.
From Luxembourg, where she participates at he euro zone finance ministers’ meeting Mrs. Lagarde clarified that she expects the payment at the date that it is due: “…if it is not paid by July 1, it is not paid…no delay of one month or two as I heard, it is due June 30.”
Mrs. Lagarde’s stance adds up to the pressure that Greece’s creditors have started imposing on the cash strapped country. It is well known that, unless a deal is struck, the country does not have the money to pay the IMF and it will have to default.