Greece isn’t the first country to delay a repayment to the IMF, but what makes it different is that in nearly every other case the country was at warGreece has delayed a debt repayment to the IMF of €300m. The instalment was due on Friday, but instead the country has said that it will bundle all four of this month’s payments into one €1.6bn settlement that it will pay on 30 June.This doesn’t mean that Greece has defaulted. The IMF’s rules do allow for this type of arrangement. In fact, Greece follows in the footsteps of Zambia, the last country to take a similar route in the mid-1980s. Continue reading...
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