Greece defaults on $1.7-billion IMF debt | Inquirer Business

Greece defaults on $1.7-billion IMF debt

/ 07:17 AM July 01, 2015
Demonstrators gather during a rally organized by supporters of the YES vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015. At midnight central Europe-time on Tuesday, the country is set to become the first developed nation to miss a debt repayment to the International Monetary Fund, as Greece sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals. (AP Photo/Petros Karadjias)

Demonstrators gather during a rally organized by supporters of the ‘Yes’ vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015. At midnight central Europe-time on Tuesday, the country is set to become the first developed nation to miss a debt repayment to the International Monetary Fund, as Greece sinks deeper into a financial emergency that has forced it put a nationwide lockdown on money withdrawals. AP

WASHINGTON, United States – Greece became the first developed country Tuesday to default on its debt to the International Monetary Fund, after missing a 1.5 billion euro ($1.7 billion) payment.

“I confirm that the SDR 1.2 billion repayment due by Greece to the IMF today has not been received,” said Fund spokesman Gerry Rice.

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“We have informed our executive board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.”

After a long day of failed attempts to resuscitate its bailout financing deal with the European Union, Greece had made a last-minute request to the IMF to have the payment, due by 2200 GMT Tuesday, extended.

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Rice confirmed the request but the board did not rule on it.

The extension request “will go to the IMF’s Executive Board in due course,” he said.

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TAGS: Debt crisis, Debt Default, Greece, IMF
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