While Athens once again managed to pull together enough cash to avoid a default, it is not clear how much longer Greece can continue to scrape by.Unless creditors agree to more aid, Greece will have trouble making a series of looming debt payments. The continuing standoff over the aid — and the uncertainty it has created — has darkened the outlook for the country’s economy, which risks another downturn.The big hurdles, as I mentioned, are still ahead.
The authorized payment to the I.M.F., which is due on Tuesday, is 757 million euros, about $848 million. By mid-July, Greece must pay the I.M.F. nearly €3 billion more and roll over €11 billion of short-term debt. From July through August, Athens must also pay theEuropean Central Bank about €6.7 billion on its Greek bond holdings.While the Greeks have done just about everything short of confiscating the piggybanks of the nation's kids, they still refuse to consider what the creditors want – a basic restructuring of the Greek economy, including pensions (which are a problem in more places than just Greece, of course).
Assuming the two sides stick to their positions, it looks like Grexit (Greece dropping the Euro) has to be the final result.