MOSCOW (Sputnik) — Greece's aggregate debt exceeds $350 billion, of which $270 billion is owed to the European Central Bank (ECB), the International Monetary Fund (IMF), and the Eurozone countries.
The current financial bailout package to Greece was provided by its international creditors in February 2012 and was due to expire on February 28, 2015. On February 20, the Eurogroup agreed to extend the loan program for Greece by another four months, until June 30, 2015, in exchange for economic reforms.
The creditors have reportedly offered Athens a five-month extension of the existing bailout program and $17.2 billion of aid in return for the strict economic reforms, including cutting pensions and raising value-added-tax, a proposal which Greece has rejected.
The sides' failure to reach an agreement on Greece's debt puts the country on the verge of default.
Also on Tuesday, Greece must transfer the next $1.7-billion payment to the IMF before the aid package expires.
On Monday, media reports, citing a Greek government official, said the debt-ridden country would not pay its next loan repayment to the IMF.
