CCTV Script 07/04/15

— This is the script of CNBC's news report for China's CCTV on April 7, Tuesday.

The Greek government is facing a key deadline this week, as the country might become the first developed nation to ever default on the International Monetary Fund loans.

IF that's the case, what happens after April 9?

According to IMF protocol, missing Thursday's payment would not immediately trigger a default.

Greece would have a 30-day grace period, during which it would be urged to make the payment ASASP. Following this hiatus, a technical default could be declared later, when "a complaint regarding the member's overdue obligations is issued by the Managing Director to the Executive Board".

Falling into a protracted arrears procedure could have major consequences for continued financial assistance from Greece's other creditors - the European Central Bank and European Commission. The terms of Greece's existing bail-out programme stipulate that a default to the IMF would automatically constitute a default on the country's European rescue loans.

Such a scenario would risk the European Financial Stability Facility (EFSF) cancelling all or part of its facility or even declaring the principal amount of the loan to be due immediately.

Should the EFSF take such a decisive move, it could activate a range of cross default clauses on Greek government bonds held by private investors and the ECB.

Jacob Kirkegaard, senior research fellow from Peterson Institution, says he believes Greece will pay this time, as the political risk is way too high for a default to the IMF.

[Jacob Kirkegaard, Peterson Institute for International Economics, Senior Research fellow] "The risk of non-payment, in my opinion, are simply too great for the Greek government to take this risk, because if they don't pay, I won't rule out that you could have huge deposit flights, and a whole bunch of other nasty follow throughs there. So they are gonna make this payment even if it hurts."

Greek Prime Minister Alexis Tsipras is heading to Moscow tomorrow for a state visit, but analysts doubt how much Russia can offer.

VO - Russia, Putin

As Russia is struggling with an economic recession itself, and any political agreement will bring additional difficulties to negotiations between Greece and the Eurozone.

What's going to happen after Greece pays IMF on May 9?

The rhetoric is a far cry from February, when Greece's finance minister pledged his government would "squeeze blood out of a stone" to meet its obligations to the Fund.

However, Jacob Kirkegaard thinks Yanis Varoufakis will have to leave soon.

[Jacob Kirkegaard, Peterson Institute for International Economics, Senior Research fellow] "There is fundamentally no trust between the Eurozone and the new greek government, which means the Eurozone, including the ECB btw, are essentially drip feeding the Greek government, you know, varies types of liqualities and utimately financial support, but it's basically, everyone knows that the big final deal is to be structured sometime between now and the end of June, when the big repayment come due to the ECB. So we still have time, but the reality, of course is that the Eurozone is losing patience with this new greek government, and they will dearly like for Alex Tsipras to change the composition of his government."

The next deadline to watch is April 24, as Varoufakis sets that date for reaching an outline funding agreement with Greece's lenders at a meeting of euro zone finance ministers.

CNBC's Qian Chen, reporting from Singapore.

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