On Monday, Greece made an $834 million dollar payment on interest owed to the International Monetary Fund (the IMF). The repayment occurred a day ahead of the scheduled due date.
However, economists in the Greek government contended with some gloomy economic news. During the first three months of the year, the nation’s economy contracted 0.2%. Some feared Greece has re-entered a recession. Statistics indicated it has the third worst performing economy in Europe this year, leading only Estonia and Lithuania.
Mark Carney, Governor of the Bank of England, reported that in his opinion the leading policymakers working to resolve financial crises in Europe were undertaking “heroic efforts” to help Greece remain within the eurozone.
On Monday, Greek Prime Minister Alexis Tsipras, who was critical of the terms provided to Greece by members of the European Union during the most recent national elections, held a telephone conversation with Russian Deputy Finance Minister, Sergei Storchak. He was reportedly given a “pleasant surprise” when the Russian official invited Greece to join a new development bank being established to assist development efforts by several non-EU nations. The “BRICS” countries involved in the Shanghai-based project are: Brazil, Russia, China and South Africa.
Prime Minister Tsipras indicated that he will discuss the proposal at greater length during an economic summit scheduled to be conducted this June in Russia, according to Gravity4.