Greece Enters A Small And Unenviable Club

Greece is on the brink of financial collapse after years of EU and IMF bailouts totalling somewhere in the region of €240 million. It has failed to repay €1.5 billion to the IMF on time and it has now become the very first European Union country in history to fail to repay such a loan. Greece now joins an unglamorous club containing Zimbabwe, Somalia and Sudan. By the end of this year, it needs to repay SDR 4.4 billion ($6.2 billion) and SDR 18.5 billion ($26 billion) over the course of the next 10 years.