Greece in default if debt deadline missed, says Lagarde

18-Jun (BBC) — International Money Fund (IMF) boss Christine Lagarde has warned there is “no period of grace” for Greece over a debt repayment deadline.

She said Greece would be in default on its loans from the IMF if it failed to make a €1.6bn (£1.1bn; $1.8bn) payment on 30 June.
Her comments came as European finance ministers were meeting in Luxembourg.

German Chancellor Angela Merkel said earlier she was “still convinced” that a Greek debt deal was possible.

Cash-strapped Greece now has less than two weeks left to reach a debt deal, having already rolled a €300m payment into those due on 30 June.
If it fails to make the payment, it risks having to leave the eurozone and possibly also the EU.

But the European Commission, the IMF and the European Central Bank (ECB) are unwilling to unlock bailout funds until Greece agrees to reforms.

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PG View: Greece has already agreed to reforms, it just hasn’t implemented them.