ISLAMABAD: Greece has major debt payments this year scheduled a EU 1.6B to IMF in June, EU 3.5B to ECB in July, EU 3.2B to ECB in August, EU 1.4B to IMF in September and EU 1.1B to IMF in December. Greek citizens are currently limited to 60 EU a day withdrawal and restrictions on moving money abroad under the Capital Control.
Referendum has been scheduled by the Prime Minister Alexis Tsipras for 5th of July who deemed the ECB and IMG conditions a complete blackmail to push Greece against the wall leaving the final decision to Greek people. IMF could offer a 30-day grace period on repayment however the July payment to ECB is deemed “final deadline” by BAML.
Robert Wolf the former UBS Americas Chairman and CEO and CEO of cross-border strategy firm 32 Advisers in a CNBC interview stated that “Greek people have two tough choices and falling being on their own is the worst one. By the looks of it the Greece is going to stay in the Euro-zone by people’s choice and that makes the current IMF deadline irrelevant since there is nothing going on in the market.”
Ebrahim Rahbari who coined the term Grexit in 2012 is also of the view that the referendum is likely to result in a comfortable majority “Yes” vote. A very unlikely “No” vote in the current scenario, with an extravagant 26% unemployment rate in Greece, would definitely push Greece out of Euro-zone.
British Chancellor of Exchequer addressing the issue stated that we don’t underestimate the Greek crises and UK is prepared for Grexit. British pensioners living in Greece would continue to receive their pensions and he would be further addressing the issue in the budget next week.
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