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Greece becomes first advanced economy in arrears to IMF

Greece becomes first advanced economy in arrears to IMF
July 1, 2015
WASHINGTON - The International Monetary Fund on Tuesday confirmed Greece had not made its 1.5 billion euro ($1.7 billion) loan repayment to the Fund, making it the first advanced economy to ever be in arrears to the Fund. The missed payment, the largest in the Fund's history, is equivalent to a default, in that both imply a breach of Athens' obligations. IMF spokesman Gerry Rice said Greece can now only receive further IMF funding once the arrears are cleared. Rice confirmed that Greece had asked for a last-minute repayment extension earlier on Tuesday, which the Fund's board will consider "in due course." - REUTERS
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