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    Jul 21, 2015

    Greece to pay $9.3b to creditors


    GREECE has initiated the process for the payment of a total of 6.25 billion euros (S$9.3 billion) to the European Central Bank (ECB) and the International Monetary Fund (IMF).

    Greece has to pay 4.2 billion euros in principal and interest to the ECB due yesterday and 2.05 billion euros to the IMF that has been in arrears since June 30, Finance Ministry officials said.

    It is also repaying a 500-million-euro loan to the Greek central bank.

    Meanwhile, Greek banks reopened yesterday after a three-week shutdown imposed to stop a run on automated teller machines from crashing the financial system, but citizens woke up to widespread price hikes as part of a cash-for-reform deal with the country's creditors.

    Louka Katseli, the head of Greece's bank association, said Greeks can only withdraw a maximum of 300 euros a week until Friday, when a new weekly limit of 420 euros comes into play.