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As a result, it must either surrender to the hold-outs or return to default when its next payment falls due on June 30th.
The precarious finances of Greece will be in the spotlight again later this week when a €5 billion debt payment falls due, but the Greek public debt agency said last week that it should be able to make a special issue of treasury bills on Tuesday to cover the redemptions.
The draft said Greece needed 7 billion euros by July 20 in immediate funding, when it must make a crucial bond redemption to the European Central Bank, and a total of 12 billion euros by mid-August when another ECB payment falls due.
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A bond payment falling due before then will be covered by short-term debt.
The season of the tax, when payment fell due, was a time of "horror, dread and misery," Goitein wrote.
A bond payment falling due before then will be covered by short-term debt.However, the reality is as bleak as the communiqué is bland.
The Client shall pay, on demand, interest on all amounts which are overdue for more than 30 days, such interest to be calculated from the day after the date when payment fell due to the date of actual payment at the rate of four per cent (4.00%) above the base rate of the Bank of England from time to time.
The Client shall pay, on demand, interest on all amounts which are overdue for more than 30 days, such interest to be calculated from the day after the date when payment fell due to the date of actual payment at the rate of 4percentnt above the base rate of the Bank of England from time to time.
Add to that, some drivers may also be facing a bill payment falling due, such as a lease on a car, which means they feel they have to drive to earn income in the short term to cover an imminent cost.
With Greece's bailout expiring on June 30 and an IMF payment falling due at the same time, Prime Minister Alexis Tsipras pleaded in vain by phone with European officials to extend the program until a referendum on July 5 on its future terms.
That ought to open the way for the government to return to the bond markets, to cover debt payments falling due in 2011.
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CEO of Professional Science Editing for Scientists @ prosciediting.com