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Acropolis apocalypse: the countdown

Published 19/06/2015 | 02:30

Greece: possible Eurozone exit
Greece: possible Eurozone exit

Time is running out for cash strapped Greece to avoid default, and a possible exit from the Eurozone.

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Here are some of the key dates coming up for Athens:

Today: Finance Ministers from all EU countries meet in Luxembourg and are briefed on yesterday's meeting of the Eurogroup. Greece needs to refinance €1.6bn in T-bills. Greece needs to service about €85m in interest on bonds held by the European Central Bank (ECB).

June 22/25/26: European Union leaders' Summit in Brussels.

June 30: This is a critically important date. Greece's Eurozone-backed bailout extension expires. Total payments of more than €1.5bn to the International Monetary Fund (IMF) come due, after decision to bundle tranches due earlier in June.

If Greece fails to make the IMF payment, it would be in default.

Month of July: About €1bn in interest payments due. The bulk of amortisation and interest payments are due on July 18-20 on bonds held by the ECB.

July 1: Governing Council of the ECB non-monetary policy meeting in Frankfurt.

July 10: Greece needs to refinance €2bn in T-bills.

July 13: IMF loans repayment totalling about €450m due. Eurogroup meeting.

July 14: Greece needs to repay 11.67bn Japanese yen in yen loans.

July 16: Governing Council monetary policy meeting of the ECB in Frankfurt.

July 17: Greece needs to pay about €71m in interest on the three-year bond it sold in 2014.

July 20: Greece needs to repay about €3.5bn in bond redemptions; bonds held by the ECB.

July 31: Moody's due to review Greece's sovereign debt.

Month of August: €600m in interest payments. Includes an €80m payment to the European Financial Stability Facility.

August 1: Interest on IMF loans totalling about €175m; payment due by August 5.

August 5: Governing Council of the ECB non-monetary policy meeting in Frankfurt.

August 20: Greece needs to repay about €3.2bn in bond redemptions; bonds held by the ECB.

Irish Independent

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