Greece did not make deadline for SDR funds return, IMF spokesman says
Greece did not make a payment of 456 million euros in special drawing rights (SDR) funds due on Tuesday, the International Monetary Fund said. It also added that the Fund's board was expected to review the country's request for an extension to pay an overdue loan installment, in the next few weeks.
IMF spokesman Gerry Rice made the following statement:
“The SDR 360 million principal repayment (about EUR 456 million) due by Greece to the IMF today was not received. We have informed our Executive Board of this development. Greece’s arrears to the IMF total SDR 1.6 billion (about EUR 2.0 billion) to date.
“The request by the Greek authorities for an extension of the repayment obligation due on June 30th is expected to be discussed by the Executive Board in the coming weeks.”
The SDR funds are reserve funds the member-states have access to and are expected to return. Greece made use of these to pay a May 12 loan installment.
