Trending this month



Showing posts with label IMF. Show all posts
Showing posts with label IMF. Show all posts

July 11, 2015

Greece set to join a small and unenviable club of 3 defaulter nations

Greece set to join the developing nations club of zimbabwe , Somalia and and sudan


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.