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Greece repays 750-million-euro loan installment to IMF

Xinhua, May 12, 2015 Adjust font size:

Greece repaid a 750-million-euro (about 847.5 million U.S. dollars) debt installment to the International Monetary Fund (IMF) on Tuesday, the Greek national news agency AMNA reported citing Finance Ministry sources.

The order for the transaction was given on Monday while the Euro group was examining the progress achieved towards the signing of a deal on the Greek debt crisis that will open the way for the disbursement of further vital assistance to Athens.

On Tuesday, finance ministry officials said that the sum was transferred to a special account at the central Bank of Greece used systematically for the payment of the IMF.

The Finance Ministry did not comment media reports that the government used emergency reserves at the IMF to repay the Fund. These reserves should be replenished within a few weeks under regulations.

Greek government spokesman Gavriil Sakellaridis said that public body funds transferred to the central bank's emergency account over the past few weeks amount to 600 million euros.

The government resorted to the cash reserves of local administration and other public entities to raise the funds needed to cover financial needs to lenders and pay wages and pensions this spring.

Debt laden Greece made it in March and April but as weeks pass by with no aid from creditors faces pressing liquidity issues.

Cabinet ministers, including the economic team, have warned that time was running out and a possible cash crunch was looming by June.

Others assured that the government can also pay pensions and salaries of civil servants this month and stay afloat for more weeks.

The statement issued by the Euro group on Monday that progress have been made but more efforts are required to reach a deal for reforms in exchange of cash was received with "cautious optimism" at Greek Prime Minister Alexis Tsipras' office, sources said on Tuesday.

Consultations between the Greek side and lenders continue to clinch an agreement and avert a possible Greek default and exit from the euro zone. Endit