Loan default

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30 Jun, 2015

$1.7 Billion IMF payment default

Greece formally defaults on its $1.7 billion payment to the International Monetary Fund in Athens, after another attempt to get a two-year bailout from Europe of $32 billion. Greece is now the first developed country to default to the IMF. Greece will now be cut off from access to IMF resources until the due payment is made. Dijessel, who chairs the finance ministers discussion on holding another call Wednesday, says that any new rescue funds will have tougher conditions:

So this is not an easy road to go down. The last chance to get a solid extension of the old program has gone by, we are now in a difficult situation