×
GreekEnglish

×
  • Politics
  • Diaspora
  • World
  • Lifestyle
  • Travel
  • Culture
  • Sports
  • Cooking
Thursday
23
Apr 2026
weather symbol
Athens 12°C
  • Home
  • Politics
  • Economy
  • World
  • Diaspora
  • Lifestyle
  • Travel
  • Culture
  • Sports
  • Mediterranean Cooking
  • Weather
Contact follow Protothema:
Powered by Cloudevo
> Economy

The Greek govt, ECB and IMF on Greek funding

Trying to align viewpoints as to how to handle the crisis

Newsroom February 27 07:59

Foreign parliaments and institutions are struggling to keep Greece on track with its ‘program’ by voting on the 4-month extension to Greek funding attacked to a reforms list created by Greek Finance Minister Yanis Varoufakis. The extension, however, doesn’t automatically come attached with money and even if it is ratified by the institutions or Greek parliament by next week so that the country doesn’t come face to face with a stoppage in payments in the first ten days of March. Speaking with Bloomberg, Varoufakis said that he cannot imagine Europe or the International Monetary Fund (IMF) letting Greece default next month when it runs out of money.

ImageHandler

Varoufakis also said that the European Central Bank (ECB) could aid Greece by handing over the 2 bln euros that it owes from Greek bonds profits so that Greece could pay off the IMF, stating that this money belongs to Greece. He said that the ECB has alraedy returned this money to the eurozone’s other central banks, however ECB Chief Mario Draghi said on Thursday that the ECB would give these profits to Greece once it fulfils its program.

The last hope for the Greek government is increased revenues for February so that the state has funds to meet its internal and external needs. Varoufakis also told Bloomberg that there will be no funding shortage.

Another alternative solution to Greece’s economic woes would be to ask the IMF for a two-month postponement of the 1.6-bln-euro installment, until after Greece’s review from institutional bodies. IMF sources neither confirm nor deny that such a request has been discussed. It is uncertain if IMF members would agree to such a delay bearing in mind past behavior concerning Brazil and other BRICS representatives.

Even if Greece manages to overcome the economic obstacles it is set to face in March, the funding problem will only be solved in the short-term with new problems escalating each month until August, reaching as much as 13 bln euros in backpayments. Hence, only “permanent” solutions are worthwhile.

Greece was once again the focal point of the IMF’s meeting on Thursday, with IMF Chief Christine Laagarde at the helm. Poul M. Thomsen, the Director of the IMF’s European Department, briefed the IMF on the latest developments in Greece, characteristically saying that Athens is free to name its program anything it wishes but the MoU (Memorandum of Understanding) needs to continue because it is necessary.

 

>Related articles

Family businesses without successors and the “Third-Generation” challenge

AEGEAN: Rising fuel costs linked to the Middle East remain the primary concern – Bookings and demand stay resilient

Kyriakos Pierrakakis: Only 10% of the additional surplus comes from taxes

On his part, Varoufakis said that Lagarde’s criticism of Greek measures as not being specific was unfair. He said that even though a three-page document had been requested over the weekend, Greece sent five pages worth of details.

He characteristically said that beyond money and jobs, Greek peopel want dignity. They want a government to represent them at ECOFIn, the EU leaders summit and Eurgroup with discussions with the IMF and ECB. They want to have a say as to what goes on in their country.

 

Ask me anything

Explore related questions

> More Economy

Follow en.protothema.gr on Google News and be the first to know all the news

See all the latest News from Greece and the World, the moment they happen, at en.protothema.gr

> Latest Stories

Live: European Chief Prosecutor Kövesi in Greece for Delphi Forum amid ongoing EU subsidy investigations

April 23, 2026

The chronicle of the murder of Eleftheria Giakoumaki: He shot her in the head, tried to mislead the authorities, and committed suicide

April 23, 2026

“Achilles’ Shield”: the final stretch for the signatures – The dates and which Greek companies are participating

April 23, 2026

Family businesses without successors and the “Third-Generation” challenge

April 23, 2026

AEGEAN: Rising fuel costs linked to the Middle East remain the primary concern – Bookings and demand stay resilient

April 23, 2026

Housing: Subsidy up to €36,000 from May for 30,000 renovations – 20 properties on the market in 2026 for social housing

April 23, 2026

PASOK leadership election on Sunday: Candidate prospects for the position of Secretary

April 23, 2026

7 Gorgeous Greek Mountain Refuges That Reward the Climb

April 22, 2026
All News

> Greece

In reverence, the emotional deposition in Jerusalem, see photos & video

The Holy Temple of the Resurrection opened after many days due to the war between Israel and Iran

April 10, 2026

In the final stretch for the accreditation of joint master’s degrees: Aiming for their launch in the coming academic year

April 10, 2026

Schedule for Epitaph Procession today (10/4)

April 10, 2026

Perfect weather for Easter excursions, according to Tsatrafyllia’s forecast

April 10, 2026

Easter in Greece: The customs that continue in Greek tradition – From Nafpaktos to Corfu

April 10, 2026
Homepage
PERSONAL DATA PROTECTION POLICY COOKIES POLICY TERM OF USE
Powered by Cloudevo
Copyright © 2026 Πρώτο Θέμα