Technically no, because it has invoked a concession which allows several payments due in a month to be bundled together and paid at the end. So the Greek saga of crisis in its relations with its creditors and members of the Eurozone which, like a can, has been kicked down the road for as long as most people can remember, will carry on being kicked until the end of June. What then? Another fudge and more kicking?
Sooner or later this fiasco will have to stop. Because Greece is in default, it has not paid and it cannot pay without borrowing more to pay with. The whole idea of capitalism is that people, businesses, countries, and before long even regions must be able to collapse financially and start again; a process in which over generous or greedy lenders lose big time as well as the borrowers, but which allows everyone to acknowledge that the sums are out of control, impossible to balance and cannot be reconciled. Bankers know when the end has come and stop lending, but loan sharks go on lending way past the point at which repayment is a realistic prospect. Greece’s creditors are now lending themselves money via lending to Greece, so as to conceal the losses which are there and real and which have to be faced and written off.
Whatever the faults of the Greeks and there are many, from lousy lying governments, to full state pensions from early middle age, through to the notion that paying taxes is for fools, all of which have brought Greece to this pass. But the real cause is the Euro itself, because to suppose that one currency at one value could work for differing economies as diverse as those of Germany and Greece was to imagine that elephants, pigs and everything pink would fly on a wishful thought. They don’t and they never will.
Either Greece is kept in the Euro by writing down its debts to a manageable level, about 25% of their current total, and rebooting its economy with new printed Euros, not loans, or Greece leaves the Euro, prints its own drachmas and makes a fresh start on its own as the cheapest place in the EU for holidays, property investment, manufacturing and everything else you might want to do among an engaging people in the hot Aegean sun.