Greece’s debt crisis most likely touched your retirement and investment accounts today as markets tumble on news that Greece will likely default on a loan from the International Monetary Fund (IMF). Greek banks are closed and the country of 11 million people has become a global focal point, again.
What’s the Problem?
Greece has a big payment due Tuesday. The country owes the IMF 1.54 billion euros. The fear, of course, is that Greece will default on the loan. The payment is due at 6 p.m. Eastern Standard Time Tuesday. Greece asked for an extension, and Eurozone finance ministers said no, they also limited future emergency funding. The European Commission said Monday it has no plans to issue new reforms for Greece. The standoff is set. Read more