Greece heads frantically to meltdown‏

26 Jan 2015, Athens, Attica, Greece --- Alexis Tsipras, leader of the party Syriza, looks on after getting the mandate to form a government one day after the Greece general elections in Athens, 26 January 2015. Greece's leftist, anti-austerity Syriza party and itsleader Alexis Tsipras are the strongest party after the elections. Photo: Michael Kappeler/dpa --- Image by © Michael Kappeler/dpa/Corbis

Greece last night (Tuesday, June 30) became the first developed country to run into crisis with the IMF (International Monetary Fund).  Attempts were made by the Prime Minister (Alexis Tsipras) to strike a last deal with the IMF for a third bailout, but was rejected as the deadline for the £1.1 billion repayment elapsed at 11pm yesterday.

The country edged closer to bankruptcy as Fitch (international rating agency) became the second rating agency to downgrade Greece’s credit status to just one notch above default.

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