Greece sent a proposal yesterday to the International Monetary Fund to bundle the payments for the month of June in an effort to buy more time just as the Greek finance ministry chose to reject the proposals from creditors. Claiming that the new set of reforms would have been extreme measures possibly exacerbating underlying unemployment general, Alexis Tsipras came out in support of the denunciation of creditor proposals. The EuroGroup has meanwhile set forth a new deadline for Greece to accept the proposals by June 8th, kicking the can to Monday as cash strapped Greece faces a full on bank panic with deposits fleeing accounts at a record pace. As such, the move to bundle payments gives Greece until the end of the month to effectively repay approximately $1.70 billion due to the IMF. The Euro is bouncing after responding negatively to the announcement, with EURGBP currently trading 0.40% higher.
Greece Misses Payment
Daily Analysis - 05/06/2015