Tuesday, June 30, 2015

Greece Defaults on $1.73 Billion to IMF

Alexis Tsipras Greece
Greek Prime Minister Alexis Tsipras.

Greece has officially missed its payment to the IMF.

Though this is not technically considered a "default" — the IMF now considers Greece "in arrears"  — Greece has now officially not paid the 1.6 billion euros (or about $1.8 billion) it owed the IMF by Tuesday. 

IMF managing director Christine Lagarde, however, said in June that she would consider Greece in default if it did not pay.

This is the largest missed payment ever owed to the IMF.

Greece is now no longer in a bailout program for the first time since 2010.

In a statement, the IMF confirmed that Greece missed the payment due on Tuesday and added that Greece requested an extension of its repayment, which the IMF's executive board will consider "in due course."

Continue Reading at ....  http://www.businessinsider.com/greece-misses-its-imf-payment-2015-6