ATHENS: The Greece government presented a new reform program, although the European partners were not too impressed and no new money for Greece has been released yet. The situation may become critical, as Greece is obliged to a loan repayment to the IMF worth €450 million, on April 9. Although the Greek government claims that it will be able to make the payment, some sources say that there is a real possibility of a default, as soon as next week.
Almost €1 billion must be repaid to the IMF in May. The Global X FTSE Greece 20 ETF (NYSEARCA:GREK) is moving in a sideways trend, but it is only a calm before the storm.