Greece repaid the first 310-million-euro installment of a loan from the International Monetary Fund due in March, a government source told Reuters on Friday. The country is facing a serious liquidity problem before Monday’s Eurogroup that will decide if the financial aid to Greece will continue. The total amount due to the IMF for March is 1.5 billion euros and the Greek government is strapped for cash. Greek Finance Minister Yanis Varoufakis has pledged, however, that the tranches due to the IMF will be paid in full and on time. The Alexis Tsipras government has to pay a total of 6.5 billion euros to international creditors in March. Yet, there is growing uncertainty whether Greece can meet its financing needs as there is a serious shortfall in expected tax revenues. At the same time, the European Central Bank has frozen liquidity to Greek banks waiting for Athens to complete the reforms required for further financial aid.
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