Greece likely to Default on its IMF Loans

Tsipras's surprising call comes in spite of warnings that a default can lead to a chaotic Greek exit from the eurozone. However, this was widely expected following the collapse of talks between Greece and its international lenders over the weekend. Greece has closed its banks and imposed capital controls to prevent financial chaos. The move left many depositors scrambling for cash at ATM machines. *** Greece likely to miss IMF payment deadline PM Tsipras asks Greeks to reject bailout offer by creditors in referendum







http://democracynow.org - Tens of thousands of Greeks have protested against further austerity cuts ahead of a key referendum on a new European bailout. The demonstrations come as the country confirms it will not meet the deadline for a $1.8 billion loan repayment due by 6 p.m. Eastern time tonight, deepening Greece’s fiscal crisis and threatening its exit from the eurozone. Greece will hold a vote this Sunday on whether to accept an austerity package of budget cuts and tax hikes in exchange for new loans. Greek Prime Minister Alexis Tsipras has urged a "no" vote, calling the proposal a surrender. We go to Greece to speak with Costas Panayotakis, professor of sociology at the New York City College of Technology at CUNY and author of "Remaking Scarcity: From Capitalist Inefficiency to Economic Democracy."