Greek Debt Crisis: Greece Misses IMF Payment, Loses EU Funds

By William WattsMarketWatch Pulse

The eurozone-funded portion of Greece's 245 billion euro ($272 billion) rescue deal officially expired Wednesday as midnight passed in Brussels without a last-minute deal to extend the program. Likewise, the International Monetary Fund said that Greece is now in arrears after missing a 1.5 billion euro payment that was due Tuesday. "We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," IMF spokesman Gerry Rice said, in an emailed statement. A Wall Street Journal report noted this puts Greece among just a few countries to have missed an IMF repayment, a group that includes Aghanistan, Haiti and Zimbabwe. Rice confirmed that the IMF received a request from Greek authorities for an extension of Greece's repayment obligation that fell due Tuesday and that the matter "will go to the IMF's Executive Board in due course."

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