Greece Considers Debt Default

Athens is looking at debt non-payment unless the government manages to strike an agreement with creditors by April. Greece must repay €2.4 billion in Treasury bills after paying back a loan worth €460 million to the IMF.

It decided to hold back another €2.5 billion of payments to the IMF for May and June if the euro zone refuses to make available the bailout fund.

The Greek government is running out of cash to pay salaries and pensions for public sector employees. However, the finance ministry reiterated the government's commitment to arrive at a reciprocally beneficial solution compliant with its charter.

Greek officials have already recommenced technical discussions with representatives of the IMF, World Bank and ECB both in Athens and Brussels regarding monetary measures, budget goals and privatization. Creditors say they will not give out funds to settle debt installments.

The problem arose after €7.2 billion in rescue money which was supposed to have been released to Greece in 2014 was withheld due to differences of opinion between Athens and European/IMF lenders over economic reforms.

Among these are changes in the pension system, cuts in payments given to Greek pensioners, and procedures to allow mass firings by employers in the private sector.