Greece’s financial turmoil continues. Greek banks are closed and it is anticipated that Greece will not pay the $1.73 billion due today to the International Monetary Fund, making it the biggest debt default by a country ever.
At this time, Greece owes $352.7 billion to other European countries. If Greece continues to go deeper into financial crisis, it could be the first country to leave the eurozone. While Greek banks are expected to stay shut until July 7th, what does Greece’s crisis mean for the world economy?
Marcus Bensasson, Bloomberg’s economy reporter based in Athens