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One day later in Greece: The more things change, the more they remain the same

Jul 01, 2015    

Greece has defaulted on the payment of 1.6 billion euros that it had to make to the International Monetary Fund (IMF) by the end of the day yesterday (i.e. June 30, 2015) This is the first instance of a developed country defaulting on a payment that it owed to the IMF.The question now is, what happens next? A referendum scheduled on Sunday is asking Greek voters to decide whether they are ready to bear more austerity measures in order to stay in the Eurozone. Countries which use the euro as their currency are together referred to as the Eurozone.Nevertheless, the Greek deputy prime minister Ya...

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