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Der Standard - Austria | Friday, June 5, 2015

Grexit would burn creditors' money

The IMF agreed to let Greece defer a payment on a loan tranche on Thursday. Athens will pay the four instalments that are due all together at the end of the month. The bargaining position of Greek Prime Minister Alexis Tsipras in the struggle for an agreement with Greece's creditors is not all that bad, the centre-left daily Der Standard writes: "One aspect is the bailout funds that have been funnelled to Greek banks via national central banks and amount to more than 80 billion euros. In the case of an exit from the Eurozone and/or a Greek default all the debts and collateral would be worth nothing. ... The Eurozone and the IMF have clearly underestimated the fact that Alexis Tsipras's position improves the longer he puts off the creditors."

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