Economics
Greece Misses $1.7 Billion IMF Payment, Joining Zimbabwe's Ranks
Greeks Feel the Pain as IMF Payment Missed
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Greece became the first advanced economy to miss a payment on IMF debt, joining the historical ranks of delinquents from Cuba to Zimbabwe after the Mediterranean nation’s bailout talks with creditors collapsed.
The International Monetary Fund’s board has been informed that Greece is now in arrears, spokesman Gerry Rice said in a statement, after a 6 p.m. Washington deadline Tuesday for Greece’s $1.7 billion payment, coinciding with the expiration of the nation’s European bailout. Greece’s request for an extension will go to the fund’s board “in due course,” Rice said.