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Greece avoids default with IMF payment

By Agencefrance Presse | China Daily | Updated: 2015-05-13 08:10

Greece narrowly averted a default on Tuesday that could have seen it crashing out of the euro, but warned it faced another cash crunch within two weeks without a bailout deal with its EU financiers.

The Greek government managed to scrape enough cash together on Monday to place the order for the repayment of 750 million euros ($840 million) of IMF loans, the finance ministry said, pledging to honor both its international and domestic debt obligations.

Greece won some support in the latest round of debt talks as it battles to keep itself solvent, but eurozone finance ministers demanded more key reforms before they agree to release the final 7.2-billion-euro tranche of its EU-IMF bailout.

Greece avoids default with IMF payment

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