Only a few hours after a Eurogroup meeting which hat-tipped progress in Greece bailout talks, Athens appears to be on the edge of bankruptcy.
The Greek government said on Monday it would repay a €750 million tranche of International monetary fund (IMF) loans. But it emerged, on Tuesday (12 May), that it used €650 million from an IMF emergency account and €100 million from domestic a cash reserve to honour the deadline.
Does it mean Greece is closer than ever to defaulting?
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