Greece Gets 3-Day Ultimatum
IMF, Europe might suspend site visit
By Kevin Spak, Newser User
Posted Jul 2, 2013 9:06 AM CDT
State school teacher shout slogans outside the ministry of Administrative Reform during a protest against the austerity measures in central Athens, July 2, 2013.   (AP Photo/Petros Giannakouris)

(Newser) – Greece has until this weekend to convince the IMF and Europe that it can meet its bailout conditions, before they call off their current site visit and yank the next tranche of aid, sources tell Reuters. Eurozone finance ministers are meeting on Monday and "all agreed that Greece has to deliver" pledges before that, a source says. If they can't finish the site visit this month, they'll have to put it off until September—which would mean Greece missing out on aid.

Without the aid, Greece will miss an August deadline to redeem $2.7 billion-worth of bonds, and if it fails to do that, IMF rules require that it abandon the bailout altogether. The creditors aren't happy with Greece's progress so far; it's already missed a June deadline to reassign or dismiss 12,500 state workers, and has a $1.3 billion shortfall in its state-run health insurer. Greece's economic minister also told German media today that he wasn't ruling out another massive debt writedown, Deutsche Welle reports.

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Jul 10, 2013 8:58 AM CDT
The G (ay) reek race is just lazy and they will never pay it back.....
Jul 5, 2013 9:10 PM CDT
Today's Greece is an example of Obama's America of the near future. Freeloaders running out of free stuff because there's so few people still producing anything.
Jul 4, 2013 9:46 PM CDT
And the streets of Greece are full of people protesting proposed cuts in "their benefits", which like current Americans, they consider "entitlements". Don't cut my welfare, my food stamps, my extended unemployment payments, subsidized health care, subsidized bus rates, ... Just print more money! Stay tuned - America. The USA is a country that has famalies with generations of unemployed and welfare recipients, and the mentality that all we need to do is raise taxes (instead of cutting spending), our time is coming sooner than you think!