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, deepening fears over whether it will be able to remain in the eurozone.
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.
Banks and the stock exchange will remain closed after Greek citizens queued all weekend to withdraw savings.
Banks in Greece and the country’s stock exchange will be shut all week in a sign of the deepening financial crisis.
The drastic move comes after people rushed to withdraw their cash amid panic ahead of the referendum on bailout terms.
Under the controls, there will be a daily €60 limit on withdrawals from cash machines, which will reopen on Tuesday.
Now Puerto Rico is under the strain of enormous debt. When will the US be there……
Puerto Rico’s governor, saying he needs to pull the island out of a “death spiral,” has concluded that the commonwealth cannot pay its roughly $72 billion in debts, an admission that will probably have wide-reaching financial repercussions.
Let us always remember:
For God hath not appointed us to wrath, but to obtain salvation by our Lord Jesus Christ, 1Th 5:9