The world is holding its breath with Greece on the knife-edge deadline on its €1.6 billion loan repayment due to the IMF. its stalemate with its international creditors, and upcoming referendum, could make Greece the first advanced economy to default to the fund in its 71-year history. It might also be the first nation to benefit from crowd-funding, as an Indiegogo campaign gets rolling. Here is the essential reading:
EU makes last ditch effort to save Greek bailout. By Renee Maltezou and Lefteris Papadimas, Reuters
EU authorities made a last-minute offer to salvage a bailout deal that could keep Greece in the euro as the clock ticked down on Tuesday, with Germany warning that time had run out to extend vital credit lines to Athens. With billions of euros in locked-up bailout funds due to expire at midnight, the European Commission urged Greece to accept the proposed deal, while holding out hopes that some tweaks could still be possible. If no agreement is reached, Greece will default on a loan to the IMF, setting it on a path out of the euro with unforeseeable consequences for the European Union’s grand currency project and the global economy.
Nine things to know about Greece’s IMF debt default, by André Broome
Greece is set to miss the deadline on its €1.6 billion loan repayment due to the IMF. The country’s stalemate with its international creditors and the decision to hold a referendum on its bailout offer means Greece will become the first advanced economy to default to the fund in its 71-year history. Here are nine essential things to know about the default
In fast-moving news about Greece today:
- From London (Reuters) – A bailout fund has been set up for Greece on crowd-funding website Indiegogo. The campaign goal is to raise 1.6 billion euros (1.1 billion pounds), the same amount Greece was expected to fail to pay the International Monetary Fund on Tuesday.
- From Athens: (Reuters) – Hours before deadline Tuesday Greece submitted to creditors a new two-year aid proposal calling for parallel debt restructuring.
- From London (Reuters) – The European Union’s financial system will be able to cope with whatever becomes of Greece’s membership of the euro zone, EU financial services chief Jonathan Hill said Tuesday.
Other new work on Facts and Opinions this week includes:
Forgiveness: the first step in reconciliation, by Francis X Clooney
Saudi Arabia threatens to run amok, by Jonathan Manthorpe
America’s Obamacare is here to stay, by Tom Regan
Telegraphy, Radio, Utopia and You, by Jim McNiven
Check our CONTENTS page for new work as we post. Subscribe by email to our free FRONTLINES blog. Find evidence-based reporting in Reports; commentary, analysis and creative non-fiction in OPINION-FEATURES; and image galleries in PHOTO-ESSAYS. Some of our original works are behind a paywall, available with a $1 site day pass, or with a subscription from $2.95/month – $19.95/year. If you value journalism, please help sustain us.
Facts and Opinions is an online journal of select and first-rate reporting and analysis, in words and images: a boutique for slow journalism, without borders. Independent, non-partisan and employee-owned, F&O performs journalism for citizens, funded entirely by readers. We do not carry advertising or solicit donations from foundations or causes.