Greece seeks Eurogroup, ECB support after default (IMF)
http://www.reuters.com/article/2015/07/01/us-eurozone-greece-idUSKBN0P40EO20150701
Greece was appealing to its euro zone partners and the European Central Bank on Wednesday to keep it afloat after defaulting on its debt to the International Monetary Fund and losing frozen international bailout money.
Athens was due to put new proposals for a two-year loan agreement and a debt rescheduling to Eurogroup finance ministers after hinting that leftist Prime Minister Alexis Tsipras might be willing to scrap a referendum on bailout terms.
Finance Minister Yanis Varoufakis told colleagues the ruling Syriza party might even urge Greeks to vote "yes" in Sunday's plebiscite if Athens is granted a loan, participants said.
An opinion poll published on Wednesday showed the "no" camp in the lead after Tsipras urged voters to reject conditions he called humiliating, but it also showed the gap had narrowed after the government had to shut the banks and impose capital controls....
Greece's July 20 repayment to ECB moves into focus DEFAULT, STAGE TWO
http://www.reuters.com/article/2015/06/30/greece-eurobonds-idUSL8N0ZG1QR20150630
With Greece set to miss a 1.6bn repayment to the IMF on Tuesday, market participants have turned their attention to a payment to the European Central Bank due in July, particularly as a failure to meet that could trigger cross-default clauses.
The beleaguered nation, rated Caa2/CCC-/CCC, is due to make a 3.49bn payment to EU institutions led by the ECB on July 20. This is just two weeks after it is scheduled to hold a referendum on whether or not to accept the EU's terms for renewing a bailout package.
A renewal of the existing bailout would free up 7.2bn of funds for making those repayments. Without this, it is possible that Greece would head towards a default and an exit from the eurozone.
A failure to pay the IMF on Tuesday would put Greece in arrears, but as this does not trigger any cross-default clauses, it will not affect any of Greece's debt to private creditors or to EU institutions...Going into arrears on the IMF payment does give Greece's main creditors, the European Financial Stability Facility, the option to accelerate payments on some of the loans dispersed to the country....
WHO OWNS GREEK DEBT? CLICK TO SEE GRAPH
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