Greece Defaults

Greece became the first developed country to default on its loan payment to the International Monetary Fund (IMF) after missing payment of $1.7 billion, CNN reported.

Fast running out of money, Greece rejected the conditions set by Europe and the IMF set for the release of the remaining billions from its existing bailout at the weekend. That bailout expired Tuesday.

It was a development already expected for the financially beleaguered nation which meant that Greece would no longer have access to funding from the IMF, an organization of 188 nations.

Greece had hoped to stem its plunge into economic payoff by requesting a two-year bailout from Europe, its third in six years, asking for a total of $32 billion.

CNN reported that finance ministers have “discussed the request by phone and agreed to hold another call Wednesday, when Greece is expected to provide more details.” –End-

Image by: Infowars