Greece is today desperately trying to convince EU leaders it has the capacity to repay €1.8 billion ($2.4 billion AUD) to the IMF on Friday, and further larger tranches in August and September to the European Central Bank. Austerity riddled Greece is at the end of a rope, and some even feel a default will be preferable to dragging out the misery. But default could mean that Greek banks collapse and Greece becomes a failed state.
Matthew Sherwood
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