Greece joins Somalia, Sudan and Zimbabwe in defaulting on IMF

On 30 June, Greece became the first developed economy to default in the 69-year history of the International Monetary Fund. As the bailout scheme for the country expired at midnight on 30 June without a cash-for-reforms deal, and €16.3 billion were lost, Athens had no money to pay around €1.55 billion to the Washington-based institution.
“We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared,” said the…