Greece's
last-minute overtures to international creditors for financial aid on Tuesday
were not enough to save the country from becoming the first developed economy
to default on a loan with the International Monetary Fund.
Fears of a Greek default have unnerved
financial markets on concerns that it would ultimately lead to the country's
exit from the euro common currency. The fate of Greece's membership in the
19-nation currency bloc still hangs in the balance ahead of a referendum on
Sunday when Greek citizens will vote on whether to accept the austerity terms
of continued international aid.
President Barack Obama said on Tuesday the
financial crisis in Greece should not create a major shock for the U.S. economy,
but warned that its fallout could dampen global growth.
IMF spokesman Gerry Rice said Greece can now
only receive further funding from the global lender once the arrears are
cleared. He confirmed that Greece asked for a last-minute repayment extension
earlier on Tuesday, which the fund's board will consider "in due
course."
The left-wing Greek government's 11th-hour
bid for an extension of its international bailout and a two-year funding and
debt restructuring program offered no concessions to creditors' demands for
economic reforms, according to text seen by Reuters.
A one-page letter from Greek Finance
Minister Yanis Varoufakis to the chairman of the Eurogroup of finance ministers
of the euro zone said Greece was "fully committed to service its external
debt in a manner that secures the viability of the Greek economy, growth and
social cohesion."
But it made no mention of the conditions set
by Greece's three lenders - the European Commission, the European Central Bank
and the IMF - for releasing frozen aid to avert defaulting on the IMF
repayment. Instead, Varoufakis cited legal grounds for requesting a two-year
loan of an unmentioned amount.
"The loan will be used exclusively to
meet the debt service payments of Greece's external and internal debt
obligations," he wrote. It was not clear whether that includes payment
arrears to Greek government suppliers, civil servants and others.
The letter went on to say, "Until this
loan is agreed and in force, Greece requests for the program to be extended by
the Eurogroup for a short period of time in order to ensure a technical default
is not triggered."
Before the payment deadline, Varoufakis
indicated on a call with European counterparts that Athens might scrap the
upcoming referendum if a deal was reached, according to euro zone sources.
But the latest Greek proposals came too late
to prevent Greece's existing aid package - with locked-up funds it needs to pay
wages, salaries and debt - from expiring at midnight. Now, Greece will lose
access to a 1.8 billion euro loan tranche and 10.9 billion euros for
recapitalizing banks.
Πηγή: reuters.com
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