After five years of EU and IMF bailouts adding up to nearly €240 billion, Greece is on the brink of financial collapse. The country failed to repay €1.5 billion to the IMF on time, raising fears that it will be forced out of the eurozone.
Greece has become the first country in the European Union that has failed to repay an IMF loan. In doing so, it is now in arrears and joins an unenviable club containing Somalia, Sudan and Zimbabwe. Greece has also set a new record for the sheer size of a missed payment. Before the end of this year, Greece owes the IMF SDR 4.4 billion ($6.2 billion) and over the next decade, it has to pay back SDR 18.5 billion ($26 billion).
This chart shows funds overdue to the IMF.
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