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Greece officially defaults on loan from the IMF

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Greece, as expected, was not able to repay 1.6 billion euros it owed to the International Monetary Fund, in what was the largest missed payment in the Fund's history.

Late on Tuesday, the IMF said it would examine a Greek request for a payment extension in due course.

The latest Greek proposals came too late to prevent Greece's existing aid package - with locked-up funds it needs to pay wages, salaries and debt - from expiring.

Still, in a sign that European officials have not given up on finding a solution for Greece, finance ministers said they would confer on Wednesday over Tsipras' latest loan request, effectively coming back to the negotiating table.

Sources said the officials are expected to discuss on Wednesday Greek Prime Minister Alexis Tsipras' request for the new two-year loan to pay debts that amount to nearly 30 billion euros. Tsipras is also seeking debt restructuring, an issue on which lenders have so far been reluctant to compromise.

It was unclear how much the Wednesday call could achieve. Trust between Athens and European capitals is in tatters after acrimonious talks. The relationship further deteriorated after Athens on Saturday decided to put creditors' proposals for reforms in exchange for financial aid to a July 5th referendum.

The 40-year-old premier says the plebiscite is the democratic way for Greeks to say whether they will accept more budget cuts and taxes in order to maintain international aid. He has been urging people to vote against it, angering creditors.

German Chancellor Angela Merkel has ruled out further negotiations until after Sunday's referendum.

Jeroen Dijsselbloem, chairman of the euro zone's group of finance ministers, warned that Athens was welcome to ask for new aid but that it would come with conditions.

"What can change is the political stance of the Greek government that has led to this unfortunate situation," Dijsselbloem said.

In what appeared to be an effort to gain traction with his counterparts, Varoufakis indicated during the call late on Tuesday that Athens might call off the referendum or urge Greeks to vote in favor of bailout terms if a deal on a new loan was reached, according to euro zone sources.

A Greek official said that, as of late Tuesday, there were no changes in the planned referendum.

DEFAULT

Greece has received nearly 240 billion euros in two bailouts from the European Union and International Monetary Fund since 2010. The money has allowed the country to stay afloat but at a high cost to its population, which has swallowed many austerity measures such as cuts to pensions, wages and public services.

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No worries mate...Obama has your best interest in mind !

Drinking-beer-with-President-Obama-468x3

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Clearly the Greeks should learn to be more responsible with money. They should try to emulate the United States because we have our shit together and know what we're doing.

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Good, Fuck the imf. The politicians over there set the system up so it could be looted. Socialism is a scam.

Hopefully they will stick to thier guns and not pay a dime

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Very bad money management from the government. It was not people's fault for that. I think that the rulers  It was not a country unable to manage his money

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And now all the liabilities are paid by the poor people. This might even have been a trap made by the Greek government. When taking a loan, all the more when you take it for a country, you should have a straight plan about how to use the money and how to return the money. You need to be sure that the taxes are enough to cover the duty. I don't think it was a mistake, it's a game where the mistakes are not allowed, it should be all calculated. I'm a simple citizen and I know all that, I do this myself when borrowing money and when I give money. I measure thrice and cut once. At least it's cool that you can find all the information online, so you could use it for the calculations. Lånemegleren is very useful for this.

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I wonder if a group of wealthy Americans can buy up all of Greece's debt, then foreclose on that debt stripping Greece of all of its national land and assets?  We could kick out all of the Greeks and rename it "Apollo". 

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8 hours ago, VictoriaS2 said:

Very bad money management from the government. It was not people's fault for that. I think that the rulers  It was not a country unable to manage his money

why bring up 4 year old threads only joining 2 months ago?  

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12 minutes ago, sole result said:

why bring up 4 year old threads only joining 2 months ago?  

 

Only this account of him is 2 months old.

He may be some poster with several, older, accounts  .  .  .  or he may have been banned with his previous  .  .  .  and just created a new one.

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We have been living high on the hog on credit as a global economy for 20+ years now.  Somebody is going to have to pay the bills, or the money starts to look meaningless.  God help us when that happens.  The only people around to pay that bill is us, surprisingly.  What a surprise.  I feel like I got rolled by a gang of con artists and they took everything.  My health insurance, my property, my savings.

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14 minutes ago, JinnMartini said:

 

Only this account of him is 2 months old.

He may be some poster with several, older, accounts  .  .  .  or he may have been banned with his previous  .  .  .  and just created a new one.

thank you for answering my rhetorical question.

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