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Greece defaults on IMF payment, seeks more time
This article was posted on Jul 1, 2015 and is filed under Market News
Greece defaults on 1.6 bn euros loan taken from the IMF. This is the largest missed payment in the fund’s history
Greece made last-minute overtures to its international creditors for financial aid on Tuesday, but it was not enough to save the country from becoming the first developed economy to default on a loan with the International Monetary Fund.
The left-wing Greek government had asked European partners for a two-year aid package to cover its financing needs. Later on Tuesday, Greece’s Finance Minister Yanis Varoufakis indicated on a call with European counterparts that Athens might scrap a controversial July 5th referendum if a deal was reached, according to euro zone sources.
For more visit: Business Standard
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