Greece and the debt repayment

After five years of austerity and four months of disputes with its creditors, Greece may not be able to face a crucial debt repayment. Greece’s financial rescue will come to an end on Tuesday and a Greek government official confirmed on Monday that they would fail to pay. In this way, Greece will become the first developed country in history to default to the International Monetary Fund. While Greece is bankrupt and focusing on the European Central Bank to get emergency funds, European leaders fear that the refusal to repay the loan installment could end 60 years of European integration.

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