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Tuesday, 21 April 2015

EU Refutes Reports on Preparing For Greek Default, Eurozone Exit

The  is not preparing for a default by Greece or its potential exit from the eurozone, a spokesman of the European Commission told reporters on Tuesday.

Media reports earlier indicated that the Greek government was considering defaulting on its debt to international money lenders if it does not get renegotiated terms from its creditors by the end of April. Greece risks running out of cash if it cannot unlock the next loan tranche.

Last week, the Greek finance ministry refuted reports that claimed Greece's financial chief Yanis Varoufakis had floated the idea of a debt default at a meeting last week with International Monetary Fund (IMF)'s head Christine Lagarde in Washington, US.

Greece owes the troika of international creditors, comprising the International Monetary Fund (IMF), the European Union and the European Central Bank (ECB), some $270 billion.

In February, Greek authorities and eurozone finance ministers agreed to extend the country's bailout for four months. Under the agreement, Greece promised to implement a range of economic reforms.

Athens needs to work out a reform plan acceptable to its creditors before the April 24 meeting with EU finance ministers in order to receive the next financial aid package.

   http://sptnkne.ws/eQH
  21/4/15

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