Greece has become the first developed country to fall into arrears with the IMF as it missed its 1.6 million euro payment due Tuesday night. At the same time, several bitcoin companies have been reporting of a massive spike in bitcoin buying and overall interest from all over the Euro zone.
On the brink
A last minute deal failed to be reached and now it looks like talks will be at a standstill until Greece has a referendum on July 5 in which the people will vote yes or no to the terms offered by the EU. By defaulting on the payment, Greece has been added to a distinct list that includes countries such as Zimbabwe.
For many analysts it was almost a certainty that a deal would be reached before June 30. Now there is a real possibility of default and a “Grexit.” More payments are due and Greece has no way of paying them.
There was a last ditch attempt to make a deal when Alexis Tsipras, the Greek prime minister, requested £21billion to keep his country afloat for the next two years, but thus was rejected by German Prime Minister Angela Merkel