The 'endgame' is here as Greece gets crunched on 2 fronts - May 18, 2015

Greek Prime Minister Alexis Tsipras during the
Economist Conference on "Europe:
The comeback, Greece: How resilient?"
in Athens on May 15.

Two cash crises are about to come to a head in Greece, with signals that both the financial system and the public coffers are about to run dry.

Athens barely made its latest payment (May 12) to the International Monetary Fund (IMF), and it managed to do so only when the government discovered that it could use a reserve account it wasn't aware of, according to the Greek media.

Kathimerini, a Greek daily newspaper, reports that Prime Minister Alexis Tsipras wrote to the IMF's Christine Lagarde warning that Greece would not be able to make that May payment, worth €762 million ($871 million, £554.2 million).

Pension and civil-servant pay packets are due at the end of the month, and based on this news Athens may struggle to pay them. Even if it does manage that, on June 5 the country owes another €305 million to the IMF.

In the two weeks following June 5 there are another three payments, bringing the June total to the IMF to over €1.5 billion.

Here's what's coming:

HSBC, Bloomberg, IMF, Business InsiderGreece may make some of its looming payments, but in June more than €1.5 billion is due to the International Monetary Fund.

Read more: http://uk.businessinsider.com/the-endgame-looms-as-greece-gets-crunched-on-two-fronts-2015-5#ixzz3aUkKoJCc