Greece just made its €460 million ($US495.82 million) repayment to the International Monetary Fund (IMF), according to MarketWatch
The repayment was on time — a relief for the country and its European creditors, after a minister suggested last week that it wouldn’t pay.
Greece is currently struggling to negotiate a bailout extension which would unlock €7.2 billion for the country and tide it over for a few months. Athens managed to make this payment, but there’s no doubt that funds are running dry and one of the other major bills coming due in the next few weeks will cause a default if those bailout funds aren’t forthcoming.
HSBC thinks that “crunch point” — the bill that Greece won’t be able to afford — will come on May 12 without further bailout help.
There’s a Eurogroup meeting of European finance ministers on April 24, at which point finance minister Yanis Varoufakis says there must be a preliminary agreement. A delay much longer than that could be a massive problem for the country.
Here’s HSBC’s brutal timeline for Greece: