With Greece tottering towards a default in payments and on the brink of financial collapse after years of EU and IMF bailouts totalling somewhere in the region of €240 million. It has failed to repay €1.5 billion to the IMF on time and it has now become the very first European Union country in history to fail to repay such a loan.
As it is Greece has failed to repay €1.5 billion to the IMF on time and it has now become the very first European Union country in history to fail to repay such a loan. However Greecel now does have company as it joins rather unenviable ,unglamorous club containing Zimbabwe, Somalia and Sudan.
By the end of this year, it needs to repay SDR 4.4 billion ($6.2 billion) and SDR 18.5 billion ($26 billion) over the course of the next 10 years.
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