Greece has officially paid back the IMF.
In a statement on Monday, IMF spokesman Gerry Rice said, “I can confirm that Greece today repaid the totality of its arrears to the IMF, equivalent to SDR 1.6 billion (about EUR 2.0 billion). Greece is therefore no longer in arrears to the IMF.”
Rice added, “As we have said, the Fund stands ready to continue assisting Greece in its efforts to return to financial stability and growth.”
On June 30, Greece fell into arrears with the IMF after it missed a 1.6 billion euro payment due to the IMF after calling a surprise referendum on the bailout package that had been offered by its European creditors.
On July 5, Greek voters rejected that plan, but last week, Greek parliament agreed to a deal with its creditors anyway that seems, at least on the surface, even worse than that plan.
This deal did, however, secure Greece some financing to meet its IMF obligation as well as a 3.5 billion euro payment due to the ECB on Monday.
But Greek parliament’s approval of a deal last week has not secured the entirety of a more than 80 billion euro bailout package for Greece, and there is still a way to go for Greece to strike a comprehensive deal with its creditors.
In an interview on Bloomberg Surveillance on Monday, Ian Bremmer of the Eurasia Group said that the current Greek deal, as it stands, is “incredibly hard to implement.” Bremmer also added that, as it stands, it seems difficult that the IMF will be able to support a new bailout.
Bremmer’s outlook on the IMF’s ability to support the deal is related to the IMF report last week that said Greece would need debt restructuring, something the current bailout isn’t explicitly contemplating.
And so while Greek banks are re-opening this week, capital controls are still in place — limiting withdrawals to 420 euros per week rather than 60 euros per day — and the Athens Stock Exchange is still closed.
Greece might have a path to a deal, but as Business Insider’s Oscar Williams-Grut outlined earlier on Monday, it is by no means out of the woods yet.
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