Bloomberg details Greece’s ‘long hot summer’ of financial obligations

Bloomberg detailed the dates, deadlines and sums involved for the Greek government this summer, in the wake of frustrated talks with institutional creditors. Bloomberg, in fact, a keen “Greece watcher” since the sovereign debt crisis first erupted in the last quarter of 2009, referred to “hurdles”.

  • June 15: European Central Bank President Mario Draghi gives quarterly testimony to  European Parliament, says ball in Greek court. (see related story)
  • June 16: Austrian Chancellor Werner Faymann, a more favorable European leader vis-a-vis the SYRIZA government’s views, visits Athens
  • June 18-20: Greek PM Alexis Tsipras scheduled to fly to Russia – expected to meet Russian President Vladimir Putin at the St. Petersburg International Economic Forum.
  • June 17: Governing Council of the ECB non-monetary policy meeting in Frankfurt
    Greece to sell 1 billion euros of 3-month T-bills.
  • June 18: Eurogroup meeting in Luxembourg
    European Council President Donald Tusk has signaled this might be the day when the euro area decides Greek “game is over”. General Council meeting of the ECB in Frankfurt.
  • June 19: EU finance ministers meeting. Greece needs to refinance 1.6 billion euros in T-bills. Greece needs to service about 85 million euros in interest on bonds held by the ECB.
  • June 25-26: European Union leaders Summit in Brussels.
  • June 30: Greece’s eurozone-backed bailout extension expires
    Total payments of more than 1.5 billion euros to the IMF come due, after decision to bundle tranches due earlier in June

July: About 1 billion euros in interest payments due. Bulk of amortization and interest payments due on July 18-20 on bonds held by the ECB

  • July 1: Governing Council of the ECB non-monetary policy meeting in Frankfurt
  • July 8: Greece to sell 26-week bills
  • July 10: Greece needs to refinance 2 billion euros in T-bills
  • July 13: IMF loans repayment totaling about 450 million euros due. Eurogroup meeting
  • July 14: Greece needs to repay 11.67 billion Japanese yen (about $93 million) in yen loans
  • July 16: Governing Council monetary policy meeting of the ECB in Frankfurt
  • July 17: Greece needs to pay about 71 million euros in interest on the 3-yr bond it sold in 2014
    Greece needs to refinance 1 billion euros in T-bills
  • July 20: Greece needs to repay about 3.5 billion euros in bond redemptions; bonds held by the ECB
  • July 31: Moody’s due to review Greece’s sovereign debt

August: 600 million euros in interest payments. Includes an 80 million euro payment to the European Financial Stability Facility

  • August 1: Interest on IMF loans totaling about 175 million euros; payment due by August 5
  • August 5: Governing Council of the ECB non-monetary policy meeting in Frankfurt. Greece to sell 26-week bills
  • August 7: Greece needs to refinance 1 billion euros in T-bills
  • August 14: Greece needs to refinance 1.4 billion euros in T-bills
  • August 20: Greece needs to repay about 3.2 billion euros in bond redemptions; bonds held by the ECB

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