Greece missed last night’s due €1.6bn payment, thus becoming the first developed country in history to default on an IMF loan.
The Greek government has made last minute attempts to have its massive debt rescheduled, and has approached Eurogroup finance ministers for a two-year loan agreement, after hinting that the referendum on whether or not to accept tough financial conditions in lieu of extra bailout funds might be scrapped.
Tens of thousands of people have descended on Athens’ Syntagma Square over the last couple of days to protest in front of the Greek parliament. A “Yes” march took place yesterday, when demonstrators called for the Government to accept the conditions and remain in Europe.
A “No” rally gathered the previous day, calling on the Government to do the opposite.
The country remains bitterly divided on the issue, and the consequences of Greece exiting the euro zone are largely unpredictable.