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Greece faces collapse

203 views · Published 1 July 2015 · 3:50 · Indexed 30 October 2026

Channel: Real Thing TV · 2015 · News & Politics

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Greece faces the abyss: Deadline for IMF loan payment passes with no deal as PM Tsipras' 11th-hour rescue bid is torpedoed
Statement released by prime minister's office confirmed negotiations
Alexis Tsipras previously urged Greeks to reject creditors' tough reforms 
The IMF confirmed that the Greek government failed to make their payment 
EU finance ministers will discuss the Greek crisis later this morning 

Greece last night humiliatingly became the first Western democracy to fail to pay its debts to the International Monetary Fund.
On a day of frantic negotiations, Alexis Tsipras, the Greek prime minister, tabled a dramatic request for £21billion to keep his country afloat for the next two years.
But the prospect of such a deal evaporated when Angela Merkel made clear time had run out. The German chancellor’s tough stance meant Greece did not have the cash to repay money lent by the IMF. It had been due to make a £1.1billion payment by 11pm last night.  


The IMF stopped short of declaring Greece in default, which would have effectively put the country into bankruptcy. Instead it said its executive board would consider a request from Athens for an extension to its loan. 
But the existing Greek bailout schemes are now dead, putting the country on course to default on its towering debts – and possibly sending it crashing out of the euro and back to the drachma.


Eurozone ministers will hold further talks today in a bid to find a solution. If that initiative fails, all eyes will turn to Sunday’s referendum on whether to accept the final deal offered by Greece’s creditors.
European Commission chief Jean-Claude Juncker warned Greece will ‘commit suicide’ if it votes No on Sunday. Mr Juncker last night cautioned: ‘Important events for which we are not prepared are taking place in Athens.’

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