According to BBC News, Greece has transferred another tranche of 750 million euro to repay the debt to IMF by using its reserves on the fund's deposit account. The money was transferred on May 11, a day before the deadline. As reported by Reuters, the reserves used by the country must be repaid in the course of the next few weeks. For that purpose, the Greek government had adopted several legislative changes, including the right to take away local governments' money if needed. These amendments will allow Athens to collect approximately 600 million euro.
On May 11, Yanis Varoufakis, the finance minister of Greece, called the country's financial situation extreme. Greece may face default crisis, he says, in the course of several weeks. The warning came out a day before Eurozone finance ministers meet in Brussels to discuss giving Athens the last trance of 7.2 billion euro out of the 240 billion euro plan of financial aid to the country on the verge of bankruptcy.
Up to June, Greece has time to make an agreement with the international moneylenders concerning the new support program. In the meantime, the country is already in urgent need of money, as Athens is unable to finance debt service out of its internal resources.
