Greece misses $1.8 billion payment, becomes first advanced economy to default on loan

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Anup Tiwari

Anup Tiwari

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ATHENS: Greece slipped deeper into its financial abyss after the bailout program it has relied on for five years expired at midnight Tuesday and the country failed to repay a loan due to the International Monetary Fund. With its failure to repay the roughly 1.6 billion euros ($1.8 billion) to the.IMF, Greece became the first developed country to fall into arrears on payments to the fund. The last country to do so was Zimbabwe in
2001.
 
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