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A billion...anybody? Everybody!

The stand-off between Greece and its international creditors seems no where close to being resolved

Published 9 years ago on Jun 12, 2015 1 minute Read

Talk about being down to your last drachma. Struggling to put together its debt repayment to the International Monetary Fund, Greece has now all but announced that it will default on its payment next month unless it manages to wrangle a deal with its creditor. Despite emptying the treasury to try and meet the repayment due of about €1.6 billion, Greek interior minister Nikos Voutsis told a local channel there was no money in the state’s coffers to be paid. Locked out of bond markets and forced into a prolonged austerity drive over the past five years, the Greek government has been forced into a corner over its debt crisis, with the full extent of the problem possibly still to be clear despite Voutsis’ admission.