Greece defaults on €1.6bn debt to International Monetary Fund after launching 11th hour rescue attempt

Greece has become the first developed country in history to default to the International Monetary Fund.The cash-strapped nation failed to make a €1.5bn payment to the IMF by an 11pm deadline on Tuesday, triggering an arrears process which was last suffered by Zimbabwe in 2001. In a statement, the IMF said "We have informed our Executive … Continue reading Greece defaults on €1.6bn debt to International Monetary Fund after launching 11th hour rescue attempt