International Monetary Fund and Defence Minister Panos Kammenos

Minister State Alekos Flambouraris: Greece needs to find 1.6 billion euros to repay to the International Monetary Fund by the end of the month, according to Nine News Australia. It therefore needs to clinch a deal to unlock 7.2 billion euros in bailout funds by the end of June before its current EU-IMF rescue program expires, leaving the cash-strapped country with no means of support against a looming default. Defence Minister Panos Kammenos said in an interview with Mega channel that a deal "will come about by June 18 or never". Minister of State Alekos Flambouraris, a close associate of Prime Minister Alexis Tsipras, told state television "I hope comes very soon, on June 18, when the Eurogroup convenes."Athens stocks slumped four per cent at the open as optimism a day earlier for an imminent deal evaporated. Kammenos - whose populist Independent Greeks party is the junior government coalition partner and is not involved in the talks - said on Friday the IMF payment would not be made if the talks founder."If a solution is not found by the end of the month, we will not pay the IMF," he said. Athens is facing mounting pressure, with the IMF saying on Thursday there remains big gaps between both sides and the EU warning the Greeks to stop "gambling" with the possibility of default and a messy exit from the eurozone."There are still major differences between us in most key areas," IMF spokesman Gerry Rice told reporters in Washington."There has been no progress in narrowing these differences recently. The five-month talks are stuck on disagreement between Greece and its creditors on its future budget goals, economic reforms and tax revenue. (news.financializer.com). As reported in the news.