US tour operators have refused to cover payments to Greek hotel owners fearing their money will be frozen after Greece failed to meet a 1.6 bln -euro payment to the IMF, the president of the hoteliers’ association, Yiannis Retsos, said. The problem Greek hotel owners face is that even if tour operators deposit money in Greek bank accounts it is unclear when and whether the money will be released.

Nevertheless, a later press release by the IMF in Washington denied reports that it was withholding money.