MOSCOW (Sputnik) — Greece has been rejecting one proposal after another made by the international creditors. The current bailout program expires on June 30. The same day, Greece must deliver the next $1.7-billion payment to the International Monetary Fund (IMF). If the country fails to pay, it will default.
If the sides do not reach a compromise, the 7.2 billion euro ($8 billion) remaining within the program will not be delivered to Greece.
On Thursday, another Brussels meeting of eurozone finance ministers on the Greece debt settlement ended without a compromise.
German Chancellor Angela Merkel and French President Francois Hollande, in turn, stressed that the upcoming eurozone finance ministers’ Saturday meeting is crucial in finding a solution to Greece’s debt crisis. Merkel commented that there was not enough progress in the negotiations.
Greek outstanding national debt is around $350 billion, $270 billion of which the country owes to the European Central Bank, the IMF and the eurozone countries.
