Greece Time Bomb Reset. 30 Days Till Default


For Greece to make the payment it owed to the IMF this last Tuesday, it borrowed most of the funds from their IMF SDR reserves. They have one month to replenish the funds. Without using these funds the payment would not have been possible without forgoing salaries and pensions for government workers. Greece’s cash reserves now stand at approximately 90 million euros. ZeroHedge states for Germany this may be the final straw. For now the can is kicked, the new date to look for is June 5th and 12th and then by June 19th a total of 2.7 Billion Euros is supposed to be paid back to the IMF and 3.6 billion Euros of Treasury bills.