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26 Feb 2015
We are starting to negotiate repayments with our partners from today – Greek Fin Min Varoufakis
FXStreet (Mumbai) - Greece has to repay EUR1.6 billion to the International Monetary Fund (IMF) in March and EUR6.7 billion to the European Central Bank (ECB) in the coming summer, Varoufakis told on Wednesday, adding that that making these payments would be a problem.
Varoufakis noted, “We are starting to negotiate this issue with our partners from today,”
“The ECB could simply hand over this money to the IMF as partial repayment,” “The ECB recognizes that this is money we are owed. This is not borrowed money, it’s an overpayment to the ECB.”
While speaking to CNBC, the minister tried to reassure financial markets that Greece would be able to overcome its short-term financing challenges.
“They understand that when there is a cash flow problem, which is effectively a spike for a short space of time, but the long term seems quite good,” he said. “They can be confident that Europe is going to find a way of dealing with the cash flow problem. Can you imagine allowing the euro zone to fragment over a few billion euros?”
Varoufakis noted, “We are starting to negotiate this issue with our partners from today,”
“The ECB could simply hand over this money to the IMF as partial repayment,” “The ECB recognizes that this is money we are owed. This is not borrowed money, it’s an overpayment to the ECB.”
While speaking to CNBC, the minister tried to reassure financial markets that Greece would be able to overcome its short-term financing challenges.
“They understand that when there is a cash flow problem, which is effectively a spike for a short space of time, but the long term seems quite good,” he said. “They can be confident that Europe is going to find a way of dealing with the cash flow problem. Can you imagine allowing the euro zone to fragment over a few billion euros?”