Greece delays IMF payment as cash runs short

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By Ivana Kottasova

The heavily indebted country has postponed a payment to the International Monetary Fund, underlining how urgently it needs its creditors to release more bailout funds to avoid default and possible exit from the eurozone.

Athens was supposed to pay the IMF about 300 million euros on Friday, but said Thursday it would bundle all the payments due this month into one. That means Greece now owes the fund 1.54 billion euros ($1.7 billion) by June 30.

IMF rules allow borrowers to combine payments of principal due in a calendar month, but the provision has been used only once before — by Zambia in the mid-1980s.

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