22:14 GMT +319 January 2020
Listen Live
    Politics
    Get short URL
    0 32
    Subscribe

    Athens' bailout program and the deadline for its June repayment to the International Monetary Fund expire on Tuesday.

    MOSCOW (Sputnik) — Greece's aggregate debt exceeds $350 billion, of which $270 billion is owed to the European Central Bank (ECB), the International Monetary Fund (IMF), and the Eurozone countries.

    The current financial bailout package to Greece was provided by its international creditors in February 2012 and was due to expire on February 28, 2015. On February 20, the Eurogroup agreed to extend the loan program for Greece by another four months, until June 30, 2015, in exchange for economic reforms.

    As the June 30 deadline approached, Greece and its international lenders held several rounds of talks on debt settlement.

    The creditors have reportedly offered Athens a five-month extension of the existing bailout program and $17.2 billion of aid in return for the strict economic reforms, including cutting pensions and raising value-added-tax, a proposal which Greece has rejected.

    The sides' failure to reach an agreement on Greece's debt puts the country on the verge of default.

    Also on Tuesday, Greece must transfer the next $1.7-billion payment to the IMF before the aid package expires.

    On Monday, media reports, citing a Greek government official, said the debt-ridden country would not pay its next loan repayment to the IMF.

    Related:

    Tsipras: Greek Govt Ready to Accept Any Vote on Bailout Crisis
    Hollande Hopes Greece Bailout Talks Continue, Still Time to Reach Deal
    Tsipras Sends New Request for Bailout Extension to International Creditors
    Tags:
    deadline, debt, austerity measures, bailout program, Eurozone, International Monetary Fund, The European Central Bank (ECB), Greece
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik