Greece avoids bankruptcy and expulsion from eurozone

GMT 20:07 2015 Wednesday ,13 May

Arab Today, arab today Greece avoids bankruptcy and expulsion from eurozone

Greek central bank
London - MENA

Greece has narrowly avoided bankruptcy and expulsion from the eurozone, but to pay the International Monetary Fund the €750 million it owed this week, Athens has had to empty an emergency cash reserve provided by the IMF itself.

The Greek central bank took €650 million from its “special drawing rights” account held at the fund, a move thought to be unprecedented in 46 years, The Times Newspaper reported on Wednesday.

"It was either that or seeing Greece default and joining Somalia, Sudan and Zimbabwe as the only countries currently in arrears with the fund" a bank official said.


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