Greek debt default is now inevitable, government officials say prepare now for systemic collapse

Tuesday, June 30, 2015
By Paul Martin

by: J. D. Heyes
Tuesday, June 30, 2015

We have been tracking and reporting on the worsening economic situation in Greece now for more than a year, and it appears as though our earlier predictions – that the broke Mediterranean nation would eventually default on bailout loans it received in 2012, under different leadership – will happen.

Reuters reported Monday that Greece will not pay a 1.6 billion-euro installment it owes on its loan that is due June 30, according to a Greek government official who confirmed the default yesterday, further highlighting the overall severity of the country’s financial crisis.

The warning did not come as a surprise to some, as Greek officials have said repeatedly in the weeks running up to the June 30 deadline that the country would not have the money to make its payment to the International Monetary Fund. Greece’s socialist prime minister, Alexis Tsipras, had been in negotiations with creditors, but banking cartels and related media claim that he has not entertained or offered realistic options for paying the country’s debts.

Tsipras sought release of €7.2 billion in bailout funds that have been frozen while the two sides talked, but EU and IMF officials balked.

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