Government officials have repeatedly said they would rather pay wages to the public sector and pensions rather than meet debt payments to third parties if there is not enough money. Although Greece has surprised many with its resilience to fund itself without getting official loans and having access to international capital markets since last August, everybody agrees this cannot go on for much longer. The difficulty in making a large payment to the IMF last week confirmed it. With the economy on a downward path, buying time has become more costly and puts more pressure on Greece.
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