Global Business

Greece Finds Money to Meet Debt Deadline

The IMF's Christine LaGarde welcomes confirmation that a $505 million payment would beat Greece's debt deadline.
Katie Kuehner-HebertApril 6, 2015

Greece has reportedly said that it’s found the money to meet the International Monetary Fund’s Thursday debt deadline.

A CNN Money article said on Monday that Greece Finance Minister Yanis Varoufakis reportedly told IMF managing director Christine Lagarde that the country would be able to make the 460 million euro ($505 million) payment to the group, staving off possible default.

“I welcomed confirmation by the Minister that payment owing to the [IMF] would be forthcoming on April 9,” Lagarde reportedly said after meeting Varoufakis on Sunday in Washington, D.C., according to CNN.

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Some were skeptical that Greece could really meet its obligations, since its January and February tax revenues were 1.1 billion euros ($1.2 billion) below forecast, CNN wrote.

The country’s new government last week submitted a reform plan to Eurozone finance ministers, as part of their agreement to extend Greece’s bailout program, according to CNN. Greece plans to tackle tax evasion and fraud, and perhaps launch a lottery “to encourage consumers to ask for sales tax receipts, a new luxury tax, and higher revenues from tourism.”

But the new government also wants to reverse earlier reforms in a move that could cost the Greek government an extra 1.1 billion euros ($1.2 billion) this year, measures “likely to spark a backlash from the creditors,” CNN wrote.

“We had a fruitful, extremely productive discussion about the Greek reform proposals,” Varoufakis reportedly said after meeting with Lagarde. “We are intent upon reforming Greece deeply.”

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