Archives for June 2015

#IMF statement on #Greece. #ec#ecb#Greferendum#economypic.twitter.com/pXiG9VUCt9

— Manos Giakoumis (@ManosGiakoumis) June 30, 2015

The news hardly comes as a surprise. On Tuesday, Greek Finance Minister Yanis Varoufakis told journalists that Athens would not make the IMF debt payment on time.

Skipping a payment to the IMF is referred to as arrears in the fund’s terminology. It should be officially confirmed by IMF chief Christine Lagarde, who in a month should notify the fund’s executive board.

In fact, this could be classified as a default, like any other failure to pay debts on time. This could trigger a cross-default on Greece’s multibillion-dollar commitments to the European Financial Stability Fund (EFSF). The IMF cannot issue new loans to a country that is in arrears.

The question now is what’s next for the country’s financial system, the people and its membership of the Eurozone.

On Tuesday, Greece asked the European Stability Mechanism (ESM), which includes all of the 19 Eurozone members, for a new bailout to cover the country’s financial needs for the next two years. The request included a restructuring plan for Greece’s debt to the European Financial Stability Facility (EFSF), which accounts for about 63 percent of the country’s total debt.

The Eurogroup refused to extend the bailout program to Greece, and rejected Greek Prime Minister Alexis Tsipras’ latest request for a new bailout, Finnish Finance Minister Alexander Stubb said Tuesday.

READ MORE: Eurogroup refuses to extend bailout program to Greece

However, the Eurogroup, consisting of Eurozone finance ministers, is to discuss new proposals from the Greek government Wednesday.

German Chancellor Angela Merkel said Tuesday that her country will not consider a third bailout for Greece before the July 5 referendum in Greece takes place, various media outlets have reported.

On June 5, Greece invoked a 1970s IMF rule that allowed it to bundle all of its €1.6 billion payments due June into one, thus avoiding immediate default. However, it failed to pay even under these conditions.

Greece is also due to pay €6.6 billion to the ECB in July and August.

The ECB has already turned down Greece’s request to expand the €89 billion emergency liquidity assistance (ELA) to Greece by an additional €6 billion to tackle deposit flight. This resulted in the closure of most Greek banks for a week and putting a limit on ATM withdrawals to €60 a day.

The country also has to make payments to private creditors, including €2 billion in Greek Treasury bills that are due on July 10. If they fail to do that, the ratings agency Standard Poor’s said it would designate Greece as being in default.

Greece’s radical left Syriza government, led by Prime Minister Alexis Tsipras, came to power aiming to end austerity measures, and has repeatedly said its goal is to stay within the euro.

On Saturday, the government announced a national referendum on the creditors’ offer to the country.

Even if the referendum is not on Greece leaving the Eurozone, many leading European politicians have said that a “No” answer would be equivalent to a refusal to stay within the European Union.

Voting “No” would mean a suicide for Greece, European Commission President Jean-Claude Juncker said Monday. However, German Finance Minister Wolfgang Schaeuble said Tuesday that Greece could maintain its membership in the Eurozone even if the nation votes against austerity reforms this Sunday.

Article source: http://rt.com/business/270754-greece-bailout-imf-payment/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Reuters / Benoit Tessier

Russian nuclear giant Rosatom offers its European partners reliable and efficient solutions in the field of nuclear power plant construction, as well as modernization and output, said the head of Rosatom France, Andrey Rozhdestvin.

“We are already successfully implementing the construction of nuclear power plants in Finland, Hungary and Turkey,” Rozhdestvin said at the 10th European Atomic Energy Conference that took place in Brussels.

“We are participating in the modernization of Kozloduy NPP together with French EDF; we have extensive experience and unique competence of the backend,” he added.

Russia is meeting existing European nuclear energy demand and expects this demand to increase, Rozhdestvin said.

“If you look at the current Rosatom portfolio, it’s more than $100 billion in orders to build nuclear stations, which reflects the situations in terms of cost, reliability of supply and safety of our reactors,” he added.

READ MORE: Russia and Saudi Arabia ink nuclear energy deal, exchange invites

Rosatom utilizes a variety of funding solutions to finance their projects, such as providing interstate credit to Hungary and Belarus, or participating as a co-investor in Finland and Turkey, said Rozhdestvin, adding that in the last 40 years Rosatom has provided a reliable and uninterrupted fuel supply to European customers.

The event, which took place on June 29-30, was organized by the independent international Platts news agency. The Rusatom International Network was a general partner in the event.

Nuclear power generation is an integral part of Europe’s energy balance, as the region is pursuing an energy strategy to reduce greenhouse gas emissions and curb global warming, according to leading experts in the nuclear energy sector at the conference.

At the same time, given that half of Europe’s reactors are approaching their thirty-year operational lifespan, there is a need to extend the service life of existing nuclear power plants, commission new units, and decommission old ones.

The main challenge the nuclear power industry is currently facing is finding optimal financing options for nuclear power plant construction, experts said.

Article source: http://rt.com/business/270814-rosatom-europe-nuclear-projects/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Greek Prime Minister Alexis Tsipras (Reuters / Paul Hanna)

The Eurogroup has refused to extend the bailout program to Greece, rejecting PM Alexis Tsipras’ latest request for a new bailout, Finnish Finance Minister Alexander Stubb said at Tuesday’s teleconference.

The Eurogroup rejected two of the three terms proposed by the Greek prime minister Alexis Tsipras, Stubb added.

A third request, for a credit from the ESM, could be considered separately from the emergency procedures currently being used, he said in a tweet.

“Eurogroup ends. Letter of Tsipras includes three requests. Extension of programme or haircut not possible,” Stubb tweeted. “Request for ESM-programme is always dealt with through normal procedures.”

The Greek government on Tuesday asked for a new bailout program from the European Stability Mechanism (ESM), that would cover all the country’s financial needs for the next two years, according to the government statement.

The request included a restructuring plan for Greek debt to the European Financial Stability Facility that accounts for about 63 percent of the Greece’s total debt.

#Eurogroups ends. Letter of @tsipras_eu includes three requests. Extension of programme or haircut not possible…cont…

— Alexander Stubb (@alexstubb) June 30, 2015

Debt crisis: Will Greece exit euro? LIVE UPDATES

Earlier on Tuesday, the Greek government said it will continue negotiations with the Troika in order to seek a “viable” agreement within the eurozone. Greek Finance Minister Yanis Varoufakis said the country would not meet the IMF payment deadline.

Tsipras said the country is going to face “pressing financial problems” in the second half of 2015 and for all of 2016. This is because Greece hasn’t yet received the last €7.2 billion installment of the second bailout package, and the country didn’t have an access to the international markets. He added that capital controls imposed on Monday were inevitable as emergency assistance to the banks known as ELA was frozen at €89 billion.

Tsipras’ letter to the #Eurogroup requesting 3rd bailout, debt restructuring. #Greecepic.twitter.com/ienUCymoVo

— Piers Scholfield (@inglesi) June 30, 2015

Afterthe June deadline to repay €1.6 billion to the IMF expires at 6 pm Washington time today, the IMF will classify Greece as being “in arrears”, which is seen as being virtually the same as default.

Over the weekend Greece’s Prime Minister Alexis Tsipras announced a referendum for July 5, when Greeks would vote whether to accept the latest proposals from the international creditors.

The decision to hold a referendum does not mean an end but the continuation of negotiations with the creditors for more favorable conditions for the Greek people, the statement added.

READ MORE: Greece, eurozone officials agree to extend bailout by 4 months

Some of the top EU policymakers including the European Commission President Jan-Claude Junker said on Monday that a referendum ‘No’ vote would mean a ‘Yes’ vote for the country’ exit from the eurozone.

However, German Finance Minister Wolfgang Schaeuble said Tuesday Greece can maintain its membership in the eurozone even if the nation votes against austerity reforms on July 5. He said the European Central Bank (ECB) would do everything to protect the euro in case Greece refuses to make concessions during a private meeting with lawmakers in Berlin, media reported.

Article source: http://rt.com/business/270742-greece-new-bailout-default/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Canada’s Prime Minister Stephen Harper (Reuters / Chris Wattie)

The Canadian government has widened anti-Russian sanctions. Gazprom, its oil subsidiary Gazprom Neft along with Surgutneftegaz and Transneft are included in the list which Canada had previously added to in February.

Canada has imposed restrictions against another 14 companies and organizations and three Russian citizens, according to a statement on the Canadian government website Monday.

The sanctions list included the leaders of the Eurasian Youth Union Alexander Dugin, Pavel Kanischev and Andrei Kovalenko and the union itself.

READ MORE: Top MPs urge counter-sanctions against ‘most anti-Russian country’ Canada

Also the Government of Canada has added to the list the Tula arms plant, United Aircraft Corporation, the aerospace holding company Oboronprom and several other companies.

“Until there is real peace, until occupying forces are withdrawn, and until Ukraine’s territorial sovereignty is restored, there must be ongoing consequences for President Putin’s regime. Our Government is therefore announcing additional sanctions and travel bans against Russian individuals, and economic sanctions against Russian entities, as well as a Crimean import/export ban,” said the statement from Canadian Prime Minister Stephen Harper.

In 2014, Canada announced the introduction of new sanctions against Russia and expanded the blacklist ten times. Previously in 2015 Canada only expanded the list in February when the restrictions against Rosneft and 11 Russians were imposed.

Last week the EU prolonged, but not expanded, economic sanctions against Russia for another six months. This was announced two days after the EU’s decision to extend sanctions against Crimea for another year.

READ MORE: Medvedev signs food embargo extension until August 2016

As a countermeasure, Russian Prime Minister Dmitry Medvedev signed a decree to prolong Russia’s food embargo until August 5, 2016.

The list includes meat of cattle, pigs, edible offal, fish and shellfish, milk and dairy products, vegetables, sausages, etc., according to Medvedev.

Russian officials have repeatedly been saying that Moscow answers sanctions reciprocally. It wasn’t Russia that started the sanctions war. Moscow is ready to stop it, but sees no significant efforts from the West, said Medvedev after signing the document.

Article source: http://rt.com/business/270661-russia-canada-economic-sanctions/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Greek Finance Minister Yanis Varoufakis (Reuters / Yves Herman)

Greece may take EU institutions to court to stop its creditors from pushing the country out of the eurozone. Athens’ bailout expires Tuesday and a default could mean it is exiled by Brussels.

Greek debt crisis LIVE UPDATES

“We are taking advice and will certainly consider an injunction at the European Court of Justice. The EU treaties make no provision for a euro exit and we refuse to accept it. Our membership is not negotiable, “ Greek Finance Minister Yanis Varoufakis told The Telegraph on Monday.

The Greek government came to power on promises to end the era of austerity, and has repeatedly said its goal is to stay within the euro. This could mean the country wants to have its €316 billion debt restructured or even cancelled.

On Sunday, Greece is going to hold a yes/no national referendum on the creditors’ latest proposals.

The ballot paper of the #greferendum question upon which the Greek people are called to vote on. (Translated) pic.twitter.com/hPGJcp49Gs

— The Greek Analyst (@GreekAnalyst) June 29, 2015

Many leading figures in Europe said on Monday that ‘No’ to the offer would technically mean ‘No’ to the eurozone.

“The point is; a Greek referendum won’t be a derby of EU Commission vs. Tsipras, but euro vs. drachma. This is the choice,” Italian Prime Minister Matteo Renzi posted on Twitter.

READ MORE: #CancelGreekDebt: UK campaigners condemn ECB’s ‘act of financial war’ against Athens

“What is at stake is whether or not Greeks want to stay in the eurozone or want to take the risk of leaving,” said French President Francois Hollande.

Voting ‘No’ would mean voting against Europe, it would lead to a catastrophic aftermath, a Greek suicide, according to European Commission President Jean-Claude Juncker.

“It must be crystal clear what is at stake. At the core, it is a yes or no to remaining in the eurozone,” said the chairman of the Social Democratic Party of Germany Sigmar Gabriel.

IMF chief Christine Lagarde was even harsher. When speaking to the BBC on Saturday, she said the Greek government’s planned referendum would be on a program which would no longer be valid after expiring on June, 30.

READ MORE: ‘Grexit would trigger liquidity crisis worse than 2008’

On Tuesday Greece must make a €1.6 billion for June to the IMF. If the bailout is not extended, the country will likely fail to pay and face the threat of default.

The ECB has turned down the Greek call for expanding emergency liquidity assistance (ELA) by €6 billion to tackle deposit flight. As of last Tuesday, the ECB had provided Greek financial institutions with about €89 billion under the program.

Banks in Greece are closed till the referendum and cash withdrawals are limited to €60 a day.

About 1,000 bank branches will be open for three days to allow retirees without bank cards to make a maximum €120 withdrawal for the week.

Article source: http://rt.com/business/270625-varoufakis-court-grexit-eurozone/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Chinese President Xi Jinping (C, front) poses for a group photo with the delegates attending the signing ceremony for the Articles of Agreement of the Asian Infrastructure Investment Bank (AIIB) at the Great Hall of the People in Beijing June 29, 2015. (Reuters/WANG ZHAO)

Russia has become the third largest player in the China-led Asian infrastructure and Investment Bank (AIIB), having received a 5.92 percent voting share, while China and India gained 20.06 percent and 7.5 percent respectively.

The signing ceremony of a basic document on the establishment of the Asian Infrastructure Investments Bank (AIIB) took place in Beijing on Monday. The ceremony was attended by 300 delegates from 57 founding countries of the new bank. The delegates determined the total share capital, each member’s voting share of capital, the governance structure, decision-making mechanism, and operational business procedures.

China does not seek veto authority in the bank, said Deputy Minister of Finance Yaobin Shi, quoted by Xinhua News Agency. China’s Minister of Finance Luo Jiwei, in turn, said the bank will operate according to the highest standards and follow international rules. China has received a 30.34 percent stake in the bank’s shares; India and Russia have 8.52 and 7.5 percent respectively.

READ MORE: Washington ‘shifts tone’ towards China-led infrastructure bank

Russia’s share in AIIB’s authorized capital will be $6.5 billion, said Russian Deputy Finance Minister Sergei Storchak after the signing ceremony, TASS reports.

“The Russian Federation will participate in the management of the bank; we have received a real opportunity to appoint a director from the Russian side as our share in the bank’s capital is more than 6 percent,” he said. The board of directors will approve the projects and the strategy of the bank.

READ MORE: China launches new World Bank rival

AIIB was established at China’s initiative in October 2014. The agreement was signed by 21 countries. The number of countries that applied for participation in the bank as founding members had already reached 57 by April 2015. The bank’s initial subscribed capital of $50 billion is planned to be increased to $100 billion. The authorized capital is divided into 1,000,000 shares with a value of $100,000 each.

Article source: http://rt.com/business/270520-russia-chinese-aiib-shareholder/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Reuters / Gleb Garanich

For the next three months, Ukraine will pay $247 per 1,000 cubic meters for Russian gas, said Prime Minister Dmitry Medvedev a day before the so-called ‘summer gas package’ for the second quarter expires.

Russia won’t be able to maintain the same discount of up to $100 per 1,000 cubic meters, Medvedev said. The next steps on setting the gas price for Ukraine will depend on global energy prices and the situation in the world economy, he added.

“The prices for oil and subsequently for gas have greatly subsided, so the discount will be $40 per 1,000 cubic meters,” said Medvedev at a meeting with Energy Minister Aleksandr Novak and the head of Gazprom Aleksey Miller on Monday.

Although Russia cannot provide Ukraine with the same discount on gas, the new price corresponds to the prices set for neighboring countries, including Poland, he said.

On April 1 Gazprom and Naftogaz signed an agreement on gas supplies for the second quarter of 2015, known as the ‘summer package’. The price of Russian gas under the current contract is $247.18 per thousand cubic meters which includes a $100 discount.

READ MORE: Gazprom asks govt to extend Ukraine’s gas discount for 3 months

The Russian government provided Ukraine with a discount from November 2014 to the end of the second quarter of 2015. The discount was calculated as a reduction in customs duty, as it makes up 30 percent of the contract price, but should not exceed $100 per thousand cubic meters. Since the contract price was higher than $333.33 during the entire period, the discount was calculated at $100.

A meeting between Russia, Ukraine and the EU over the gas issue will take place on Tuesday, June 30, in Vienna. The three parties plan to discuss Ukraine pumping gas into underground storage facilities, said Russian Energy Minister Aleksandr Novak on Monday. They also plan to discuss the possibility of providing Ukraine with financial support from the EU so the country can purchase all the gas it needs, he added.

According to the latest estimates, Ukraine needs to fill its underground storage facilities with 18 billion cubic meters of gas in order to have enough for the winter heating season of 2015-2016.

Article source: http://rt.com/business/270475-russian-gas-price-ukraine/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Greek debt crisis LIVE UPDATES

The talks on Greek debt were interrupted, when at the weekend the government announced the yes/no national referendum on the creditors’ offer, Junker said at a Brussels news conference Monday. On Tuesday Greece must repay €1.6 billion to the IMF.

On Monday, Reuters reported, citing a source in the Greek government, that Athens will not repay the IMF loan due on Tuesday.

The negotiations were cut short at the worst moment, as an agreement could have opened new credit lines to Athens, Juncker said.

READ MORE:Greece to hold national referendum on debt deal – PM

He was presumably speaking about a €15.3 billion bailout that would have been provided to Greece in the next five months if the parties had reached an agreement before June, 30.

READ MORE: Greece’s creditors ready to unlock €15.3bn till November – media

The package offered to Greece by its creditors goes well beyond fiscal measures and proposes a way forward, said Juncker. The Greeks must understand this is not “a stupid austerity package,” it would have led to no wage or pension cuts and created more social justice, Juncker said. The lenders asked instead to modernize the wages payment system itself in accordance with the latest European and international standards, he said.

Overall, they have reduced demands on Greece by €12 billion, Juncker added.

Moment of truth

The referendum is the moment of truth for Greece; the people have to say yes at the referendum on July 5. No would mean a negative answer to Europe, it would lead to a catastrophic aftermath, a suicide, he said.

The EU should stay united, it shouldn’t become an arena for national interests, he said.

“I am deeply disappointed by the show, which was played in Brussels on Saturday,” he added.

Juncker: There are no winners losers. Either we’re all winners or we’re all losers http://t.co/75mcbfawMv pic.twitter.com/AyaNT08fsf

— RT (@RT_com) June 29, 2015

On Saturday, the Greek government ratified a referendum allowing citizens decide what to do with Greece’s €240 billion debt to its international creditors.The Eurogroup subsequently said that negotiations were terminated and the aid program would expire on June, 30. If Greece fails to settle the outstanding June payments, it could technically default.

READ MORE: Greece closes banks, imposes capital controls

Greece will see its banks remain closed for a week and cash withdrawals will be limited at €60 a day. The ECB has decided against expanding its emergency liquidity assistance(ELA). As of June 23, the ECB had lent Greek banks about €89 billion under the ELA program.

The Greeks would be voting on proposals that no longer exist, IMF chief Christine Lagarde told the BBC, speaking on the decision made on Saturday.

On June, 30 the bailout for Greece expires, she said.

Article source: http://rt.com/business/270388-juncker-ecb-greece-bailout/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Reuters / Sergei Karpukhin

China has officially started construction of its section of the eastern gas pipeline route known as the Power of Siberia that’ll deliver up to 38 billion cubic meters of Russian gas annually.

The welding of the first joint on the pipeline was part of the opening ceremony in China Monday. It was held near the Chinese city of Heihe of the northern Heilongjiang province bordering Russia. The pipeline will stretch as far as Shanghai.

Russian Prime Minister Dmitry Medvedev took part via a video link. He called the pipeline the world’s biggest infrastructure project.

The Vice Premier of the State Council of China Zhang Gaoli also took part in the ceremony via video link. He said that such large-scale projects are a good foundation for promoting a strategic partnership between the two countries and for social and economic progress.

The Power of Siberia gas pipeline is due to become fully operational in 2018 and will link with the Chinese gas infrastructure already in place, according to government papers.

In May 2014, Russia’s Gazprom and the China National Petroleum Corporation (CNPC) signed a 30-year framework deal to deliver 38 billion cubic meters of gas to China annually using the eastern route. The construction of the western pipeline named the Power of Siberia–2 ,that’ll deliver another 30 billion cubic meters of gas to China, will start soon Prime Minister Medvedev announced during the ceremony.

“I am sure that soon we will reach final agreement on building the second Russian-Chinese pipeline for gas deliveries via the Western route,” Dmitry Medvedev said.

READ MORE: Russia and China seal historic $400bn gas deal

Moscow and Beijing will continue cooperating over energy, including nuclear power, as it is one of the major partnership areas between the two countries, according to Medvedev.

Earlier Gazprom head Aleksey Miller said the company was negotiating with China on settlements in rubles or yuan. So far, the price China will pay for Russian gas is unclear.

The global energy market has recently seen changes such as slowing demand from Europe and an increase in interest from Asian countries, Xin Zhang, Research Fellow at the School of Advanced International and Area Studies, told RT.

“The changes in the international market puts the Chinese side in the Russian energy deal in a slightly stronger bargaining position, so it’s the main drive behind the CNPC’s position to decline the advanced payment,” he said.

Russia started building its section of the 2,500-mile eastern route last year. The line’s gas transmission system (GTS) is expected on-stream in late 2017. The total cost of gas production and transmission facilities in Russia is estimated at $55 billion, Sputnik reports.

The Power of Siberia pipeline will also benefit the Russian regions it runs through, Medvedev added. Russia will increase its gas exports and speed up the gasification process in the Far East and Eastern Siberia, he said. The route was selected to ensure a large number of Russian cities and villages will have access to gas. It will provide new jobs, increasing the competitiveness of the region’s economy and its investment attractiveness.

Last year CNPC refused to pay Gazprom a $25 billion advance for the pipeline construction. The advance payment could have helped China get a discount for its gas from Gazprom.

Article source: http://rt.com/business/270352-russia-china-gas-pipeline/?utm_source=rss&utm_medium=rss&utm_campaign=RSS

Reuters / Remote / Staff

The market value of European banks has shrunk by more than €50 billion after Greece shut down its banks until July, 6, the day after the referendum on the bailout deal is held.

Greek debt crisis LIVE UPDATES

The Stoxx 600 Banks Index fell by 4.4 percent, the biggest daily decline since November 2011, Bloomberg reports. Among the biggest losers is Portugues Banco Comercial down 9.1 percent, and Italy’s Banca Monte dei Paschi di Siena which slumped 7.2 percent. Spain’s Banco Popular Espanol has lost 6.5 percent and Banco de Sabadell was down 5.4 percent.

“In the short term we should see a very negative mood on markets…Sovereign bonds, banks of peripheral countries, will be the most affected by uncertainty,” the CEO of Milan-based brokerage Marzotto SIM Jacopo Ceccatelli told Bloomberg.

On Monday global stocks suffered their sharpest decline in about six months.

DAX of Germany has suffered the most, falling 4.17 percent this morning. In Asia, where trading finished by the time of publication Shanghai Composite showed the worst result, closing at 3.34 percent lower.

READ MORE: Greece closes banks, imposes capital controls

The Euro is also losing momentum against the US dollar, having gone down 0.74 percent on Monday as of 10:42 am MSK. By 06:59 GMT the euro was trading at $1.1089, still down 0.7 percent on the day but well clear of a four-week low at $1.0953 touched in Asian trading.

Morning Note: 1. Stoxx50 futures plunge. 2. EURUSD dives. 3. Spanish + Italian yields surge pic.twitter.com/re6tpzXGAJ

— Jonathan Ferro (@FerroTV) June 29, 2015

In Greece, the banks will remain closed for a week and cash withdrawals will be limited at €60 a day, as the government said it would hold a referendum this Sunday to let the people decide what to do with Athens’ multibillion-euro debt.

IMF chief Christine Lagarde told the BBC on Saturday that the planned referendum on the terms of any new bailout plan will be invalid, as on Tuesday the current program expires.

The Greeks would be voting on proposals that no longer exist, she said.

The ECB refused to expand its emergency liquidity assistance (ELA). As of June 23, the ELA program had lent Greek banks about €89 billion.

The EU Tax Commissioner Pierre Moscovici hasn’t lost hope of reaching an eleventh hour deal.

To those who wonder what’s next, 1. #Greece should stay in euro;2.The door is still open for negotiations on latest @EU_Commission proposals

— Pierre Moscovici (@pierremoscovici) June 28, 2015

London-based market strategist Michael Ingram at BGC Partners told Bloomberg that a Greek default is almost inevitable.

“Without a complete capitulation from the troika, Greece will default on the IMF tomorrow and emergency liquidity assistance should be withdrawn on Wednesday. I can’t see anyone stepping in before Wednesday ahead of an ELA withdrawal,” he said.

Greece is due to repay €1.6 billion to the IMF by June 30. If it is unable to do so, the country could technically default.

Article source: http://rt.com/business/270325-greece-debt-market-slump/?utm_source=rss&utm_medium=rss&utm_campaign=RSS