Greece had to skip two arrears to IMF, one in June and the other in July. However, with a short-term loan of €7bn from EU, Greece had cleared the IMF and ECB (European Central Bank) arrears. The crisis is not yet over but still Greek banks have started functioning after a three-week long closure. Many restrictions (ban on fund transfer and limited withdrawal from ATM) remain and the price continues to rise due to increased VAT (value added tax).
The fractional help of €900m from the European Central Bank as additional Emergency Liquidity Assistance is just enough to keep the banks open. The crisis may continue unabated for months or even years.
The Troika, representatives from Greece’s creditors will soon hold talks to save Greece from economic collapse and possible expulsion from EU. Germany the biggest creditor takes a tough stance while others have conciliatory view.