Greece emptied an emergency IMF holding account to repay 750 million euros ($839 million) due to the international lender, a Greek central bank official said, avoiding default but underscoring the dire state of the country’s finances.
With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month.
Member countries of the International Monetary Fund are required to keep a holding account which may be used for emergencies but the money can only be used with the lender’s approval, the central bank official said.
A government official told Reuters that Athens used about 650 million euros from the holding account and 100 million euros from its cash reserves to make the payment on Monday.
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