Clock ticks as pace quickens in Greece’s debt hurdle race

Global Business

Greece has met a critical deadline on its huge debts. But there’s concern Athens is building up more problems for a potentially cruel summer. CCTV’s Owen Fairclough filed this report from Washington, D.C.

Clock ticks as pace quickens in Greece's debt hurdle race

Clock ticks as pace quickens in Greece's debt hurdle race

Greece has met a critical deadline on its huge debts. But there's concern Athens is building up more problems for a potentially cruel summer. CCTV's Owen Fairclough filed this report from Washington, D.C.

Highlights: 

  • Greece repaid more than $800 million in bailout money to the International Monetary Fund a day ahead of its deadline.
  • But how it managed that has only triggered new worries about this country’s prospects of surviving the summer. Especially as there is less money flowing into government accounts. And Athens must pay nearly $2 billion to the IMF in June and double that amount by the end of this year .
  • There is still some optimism. The European Central Bank has increased its emergency lending to keep Greek banks afloat. And European officials say they could start paying out the final $8 billion of bailout money at the same time Greece passes unpopular reforms aimed at saving money.

Ambassador to the US, Christos Panagopoulos on Greece’s reserve

For more on Greece’s payment schedule, CCTV America’s Asieh Namdar, interviewed Greek Ambassador to the United States, Christos Panagopoulos.

Ambassador to the US, Christos Panagopoulos on Greece's reserve

Ambassador to the US, Christos Panagopoulos on Greece's reserve

For more on Greece's payment schedule, CCTV America's Asieh Namdar, interviewed Greek Ambassador to the United States, Christos Panagopoulos.