Unless money falls from the sky or a last-minute agreement is struck between Greece and its creditors, the country will most certainly miss its €1.6-billion payment ($2.2 billion Cdn.) to the International Monetary Fund on Tuesday.
Skipping a debt repayment of this size to one of Greece’s three creditors — the IMF, European Commission and European Central Bank — pushes the country closer to abandoning the euro and returning to the drachma.
Greece has entered a period of financial and political chaos.
Banks have shut for the next six days to prevent a further loss of cash from accounts. Greeks have access to ATMs but are restricted to withdrawing only €60 ($84) a day. Athens grocery stores and gas stations are also experiencing long lines as stoic Greeks prepare for the worse.
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