Greece has defaulted on the 1.5 billion euros ($1.7 billion) it owes the International Monetary Fund, becoming the first developed economy to default to the IMF. It is the biggest debt default by a country ever.
Greece is 323 billion euros ($352.7 billion) in debt to other European countries, the European Central Bank and the International Monetary Fund. The sum is equivalent to more than 175% of the country's GDP.
Greece took preemptive measures Monday, closing its banks and markets until July 6. The move caused European stocks to fall. The government in Athens also restricted bank withdrawals to 60 euros (U.S. $66) a day.
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