Greece has missed the deadline for a €1.6bn (£1.1bn) payment to the International Monetary Fund (IMF)on Tuesday June 30,2015
Note
Only 3 other countries are still in arrears to the IMF - Sudan, Somalia and Zimbabwe.
Between them, they owe €1.6bn, only marginally more than Greece.
What happens next?
1 July - Eurogroup - the finance ministers of the eurozone - holds a telephone conference to discuss new proposal from Greek Prime Minister Alexis Tsipras5 July - Referendum on creditors' proposals takes place, which many say is effectively a vote on Greek membership of the eurzone
20 July - Greece must redeem €3.46bn of bonds held by the European Central Bank. If it fails to do so, the ECB can cut off Greece's access to emergency loans
IMF,the Washington-based fund said the Greek government failed to transfer €1.55 billion ($1.73 billion) by close-of-business on Tuesday—the largest, single missed repayment in the IMF’s history
Greece became the first developed country to default to the IMF, an organization of 188 nations that tries to keep the world economy stableGreece will now be cut off from access to IMF resources until the payment is made.
The move came hours after the country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout.
On Tuesday morning—with the clock ticking toward the midnight expiration on the European portion of Greece’s €245 billion bailout—officials in Athens said they were working on a new solution to the four-month old impasse with creditors.
By the afternoon, Prime Minister Alexis Tsipras had asked for a new rescue program—the country’s third in five years—to help pay for some €29.15 billion ($32.52 billion) in debt coming due between 2015 and 2017.
Greece is fast running out of money. It rejected the conditions Europe and the IMF set for releasing the remaining billions from its existing bailout at the weekend. That bailout expired Tuesday June 30,2015
Greece’s Debt Due: What Greece Owes When
| IMF | June 30, 2015 OVERDUE | €1,547,968,745 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | July 10, 2015 | €2,000,000,000 | Short-term treasury bills | 2.30% | |
| IMF | July 13, 2015 | €453,064,023 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | July 17, 2015 | €1,000,000,000 | Short-term treasury bills | 2.70% | |
| ECB | July 20, 2015 | €2,095,880,000 | Bonds held by ECB exempted from the 2012 default | 3.70% | |
| ECB | July 20, 2015 | €1,360,500,000 | Bonds held by national central banks exempted from the 2012 default | 3.70% | |
| EIB | July 20, 2015 | €25,000,000 | Bonds held by the European Investment Bank; exempted from the 2012 default | 3.70% | |
| Treasury bill holders | August 7, 2015 | €1,000,000,000 | Short-term treasury bills | 2.75% | |
| Treasury bill holders | August 14, 2015 | €1,400,000,000 | Short-term treasury bills | 2.70% | |
| ECB | August 20, 2015 | €3,020,300,000 | Bonds held by ECB exempted from the 2012 default | 6.10% | |
| ECB | August 20, 2015 | €168,000,000 | Bonds held by national central banks exempted from the 2012 default | 6.10% | |
| IMF | Sept. 4, 2015 | €302,042,682 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | Sept. 4, 2015 | €1,400,000,000 | Short-term treasury bills | 2.97% | |
| Treasury bill holders | Sept. 11, 2015 | €1,600,000,000 | Short-term treasury bills | 2.70% | |
| IMF | Sept. 14, 2015 | €339,798,017 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | Sept. 16, 2015 | €566,330,029 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | Sept. 18, 2015 | €1,600,000,000 | Short-term treasury bills | 2.70% | |
| IMF | Sept. 21, 2015 | €339,798,017 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | Oct. 9, 2015 | €1,400,000,000 | Short-term treasury bills | 2.97% | |
| IMF | Oct. 13, 2015 | €453,064,023 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | Nov. 6, 2015 | €1,400,000,000 | Short-term treasury bills | 2.97% | |
| IMF | Dec. 7, 2015 | €302,042,682 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| Treasury bill holders | Dec. 11, 2015 | €2,000,000,000 | Short-term treasury bills | 2.97% | |
| IMF | Dec. 16, 2015 | €566,330,029 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | Dec. 21, 2015 | €339,798,017 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | Jan. 13, 2016 | €453,064,023 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | March 7, 2016 | €302,042,682 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | March 16, 2016 | €566,330,029 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| ECB | April 11, 2016 | €22,800,000 | Bonds held by ECB exempted from the 2012 default | Six-month Euribor + 0.075% | |
| ECB | April 11, 2016 | €30,000,000 | Bonds held by national central banks exempted from the 2012 default | Six-month Euribor + 0.075% | |
| IMF | April 13, 2016 | €453,064,023 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | June 7, 2016 | €302,042,682 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | July 13, 2016 | €453,064,023 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| ECB | July 20, 2016 | €1,446,070,000 | Bonds held by ECB exempted from the 2012 default | 3.60% | |
| ECB | July 20, 2016 | €821,800,000 | Bonds held by national central banks exempted from the 2012 default | 3.60% | |
| EIB | July 20, 2016 | €20,000,000 | Bonds held by the European Investment Bank; exempted from the 2012 default | 3.60% | |
| IMF | Sept. 7, 2016 | €302,042,682 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | Sept. 19, 2016 | €146,548,729 | Loan under the IMF's second bailout for Greece, in 2012.† | ||
| IMF | Dec. 7, 2016 | €302,042,682 | Loan under the IMF's first bailout program for Greece, in 2010.* | ||
| IMF | March 17, 2017 | €146,548,729 | Loan under the IMF's second bailout for Greece, in 2012.† | ||
| ECB | April 4, 2017 | €48,000,000 | Bonds held by ECB exempted from the 2012 default | Six-month Euribor + 0.09% | |
| ECB | April 20, 2017 | €1,185,800,000 | Bonds held by ECB exempted from the 2012 default | 5.90% | |
| ECB | April 20, 2017 | €168,000,000 | Bonds held by national central banks exempted from the 2012 default | 5.90% | |
| Private investors | July 17, 2017 | €1,500,000,000 | Bonds issued by Greece (2014 and later) | ||
| IMF | July 18, 2017 | €293,097,459 | Loan under the IMF's second bailout for Greece, in 2012.† | ||
| ECB | July 20, 2017 | €2,412,206,000 | Bonds held by ECB exempted from the 2012 default | 4.30% | |
| ECB | July 20, 2017 | €1,455,700,000 | Bonds held by national central banks exempted from the 2012 default | 4.30% | |
| EIB | July 20, 2017 | €10,000,000 | Bonds held by the European Investment Bank; exempted from the 2012 default | 4.30% | |
| IMF | Sept. 19, 2017 | €146,548,729 | Loan under the IMF's second bailout for Greece, in 2012.† | ||
| IMF | Dec. 4, 2017 | €157,829,765 | Loan under the IMF's second bailout for Greece, in 2012 |
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