The Traderszone Network

Published in TZ Latest News 20 July, 2015 by The TZ Newswire Staff

Greek "Hell" Remains After Athens Uses Creditor Money To Repay Creditors

Earlier today, Greece used up virtually its entire €7.1 billion bridge loan from the EU to repay its creditors: between the money due to the ECB, the arrears to the IMF and the cash borrowed from the Greek central bank, Athens had about €300 million left over from the entire inbound wire to use as it sees fit just hours after the money was received, and then promptly sent right back.

Or, as some put it, Greece collected a 4% transaction fee for facilitating a €6.8 billion payment from its creditors to its creditors.

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