Greece Defaults on Debt Payments

In unfortunately not unexpected news, Greece has defaulted on some debt payments to the IMF. This is potentially major news for the world economy, since it may kick off a chain of events leading to Greece leaving or being forced out of the Eurozone and possibly even the EU. Obviously, I’m not an expert on things like foreign relations, monetary policy, and foreign relations, but it sounds like this has the potential to be very bad not just for Greece but for the rest of Europe as well. At the same time, news reports suggest that Greece has been grossly mismanaged for many years, so it’s not clear that there really is a good solution that will make everyone happy. National defaults don’t happen very often, so a lot of people are interested in seeing what happens now.

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