Greece clears arrears at IMF and repays ECB

July 21, 2015 (LBO) – Greece has cleared overdue debt repayments of 2.05 billion euros to the International Monetary Fund (IMF), foreign media reports said.

“The IMF confirmed that Greece is no longer in arrears,” the report said.

This comes following missing two IMF payments worth 1.556 billion and 0.456 billion euros respectively in June last year and earlier this month.

The troubled nation also used another 4.2 Billion of its bridge loan to repay the European Central Bank and European Investment Bank for bonds purchased from the 2012 bailout.

Earlier on Monday, Greek banks reopened after being closed for three weeks.

“Following a 3-week imposed holiday Greek banks are open on limited functionality,” the report said.

“Capital controls of 300 euros in weekly withdrawals will be lifted to 420euros by next week,”

“However, many restrictions remain and Greeks are facing price rises with an increase in Value Added Tax (VAT),”

The Greek Central Bank said the country’s banks total reliance on emergency liquidity from the ECB stood at 86.8 billion euros at present while total debt stands at 356 billion euros and is considered unsustainable.