Rob­bing Pet­ros to pay Pav­los

The Africa Report - - BRIEFING -

Fraught talks be­tween Greece and a troika of in­ter­na­tional lenders rum­bled on as Athens only nar­rowly avoided de­fault on its In­ter­na­tional Mon­e­tary Fund (IMF) re­pay­ments in early May through some nifty fi­nan­cial foot­work. Greece trans­ferred cash out of one IMF hold­ing ac­count and into an IMF de­posit ac­count. This move, com­bined with bor­row­ing cash from the gov­ern­ment of the city of Thes­sa­lonica, al­lowed it to re­pay its $750m debt 24 hours ahead of time. It only buys the gov­ern­ment a few weeks un­til more pay­ments are due. Although talks are mak­ing progress on re­leas­ing pre­vi­ously agreed bailout funds, both sides re­main di­vided on key is­sues.

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