Although an agreement have temporarily attained in the previous discussion in February, but the huge amount of Greek debt and differences between Greece and Eurozone officials have made investors worry.

Germany's inflation rate rose from 0.09% to 0.3% in March according to a report yesterday (30/3). However, it did not change the Euro significantly as it is not expected to greatly influence European Central Bank (ECB) policies. Previously, ECB have started Quantitative Easing early this month and the move will continue till 2016. Instead, news related to the Greek debt drama is expected to inflict greater pains on the single currency.

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Although an agreement have temporarily attained in the previous discussion in February, but the huge amount of Greek debt and differences between Greece and Eurozone officials have made investors worry because if Greece unable to secure the much-needed funds then Grexit may happen and hit financial market hard. An agreement may be reached because Greece certainly does not wish to enter default, and Troika (EU Commission, ECB, and IMF) surely does not wish for Grexit to happen and set precedence for other exits from the area. But till this day, a long-term agreement has not yet reached.

Related to this matter, Bloomberg circled several dates from March to August that will be important for anyone who eyes the Greek debt drama:

 

March 30, 2015

The Greek government may submit a comprehensive list of proposed reforms by this date in order to secure more bailout funds. The aim of meeting this deadline would be to speed up the disbursement of money from the schedule agreed on in February, when the European Commission, European Central Bank and the International Monetary Fund granted a four-month extension of the existing bailout agreement.

 

April 5, 2015

Greece Finance Minister Yanis Varoufakis met IMF Director Christine Lagarde in Washington. After the meeting, Varoufakis reportedly said to the media that Greece intend to fulfill all of its obligations to all creditors, ad infinitum. In turn, Lagarde welcomed the commitment. However, we have yet see its realization.

 

April 8, 2015

Greece PM Alexis Tsipras scheduled to meet Russian President Vladimir Putin. Previously, Greece have said that they will seek opportunities to approach Russia and China as alternative if Euro dissappoints.

 

April 8-9, 2015

Eurogroup deputy finance minister meets to discuss the reformation proposed by Greece that will grant them the right to channel the next bailout funds.

 

April 9, 2015

Greece will have to make a payment to the IMF of about 360 million Special Drawing Rights (SDRs). That equals about 458 million euros. If Greece failed to fulfill this one, then the country may be defaulted.

 

April 14, 2015

Greece must roll over 1.4 billion euros of Treasury bills. Although they may be able to fulfill payments at April 9, they may fail this one because ECB have instructed Greek banks not to buy Greek bonds.

 

April 14, 2015

Greece had to pay public sector workers' wages and pension, amounted to 1.7 billion Euros.

 

April 15, 2015

European Central Bank (ECB) Governing Council will meet to talk about review on prior decision to hand emergency liquidity (ELA) to Greek banks.

 

April 17, 2015

Greece must roll over 1 billion euros of Treasury bills.

 

April 20, 2015

Greece have to pay interests as much as 80 million Euros on bonds held by the ECB.

 

April 24, 2015

Eurogroup meeting in Riga, Latvia.

 

End-April

Under the February extension agreement, Greece must provide further details on its promised reforms and these must be approved by the ECB, the IMF and the European Commission.

 

May 8, 2015

Greece must roll over 1.4 billion euros of Treasury bills.

 

May 12, 2015

Greece will have to make the largest payment of the month, about 601 million SDRs to the IMF (763 million euros). Payments due throughout May total 758 million SDRs (963 million euros). For the exact dates, see the IMF's website.

 

May 15, 2015

Greece must roll over 1.4 billion euros of Treasury bills.

 

June 5, 2015

Greece will have to make a payment of about 240 million SDRs to the IMF (305 million euros).

 

June 12, 2015

  • Greece will have to make a payment of about 270 million SDRs to the IMF (344 million euros).
  • Greece must roll over 3.6 billion euros of Treasury bills.

 

June 16, 2015

Greece will have to make a payment of about 451 million SDRs to the IMF (573 million euros).

 

June 19, 2015

  • Greece will have to make a payment of about 270 million SDRs to the IMF (344 million euros).
  • Greece must roll over 1.6 billion euros of Treasury bills.

 

End-June

The extension expires for the Master Financial Assistance Facility Agreement, as Greece's bailout is known.

 

July 10, 2015

Greece must roll over 2 billion euros of Treasury bills.

 

July 13, 2015

Greece will have to make a payment of about 360 million SDRs to the IMF. That equals about 458 million euros.

 

July 20, 2015

Greece's 3.5 billion-euro bond held by the ECB matures.

 

August 8, 2015

Greece must roll over 1 billion euros of Treasury bills.

 

August 20, 2015

Greece's 3.2 billion-euro bond held by the ECB matures.

In the current circumstances, the risk of default for Greece is actually greater than Grexit. Amid the ongoing discussions, Greece Prime Minister Alexis Tsipras has suggested that the country may not be able to fulfill its obligations if creditors do not roll the necessary funds. However, if these failed to borne fruit, then Greece may have to get out of the Euro. 

Updated On April 6, 2015:

In the article are added details about Varoufakis - Lagarde meeting, Russia-Greece meets, as well as ECB and Eurogroup meeting scheduled in April.