Last week, Greece became the first developed country to default on the IMF.
Greece’s debt is 180 per cent of its GDP. Most of this debt, it will never pay back. To give you a sense of scale, Greece owes more than €90 billion to Germany alone. It owes around €70 billion to France, slightly over €61 billion to Italy. The key reason Greece owes so much to its official creditors is because nine of...
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