Encomium
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.
