Greece became first developed nation to default on IMF debt.

Greece became the first developed nation on default on International Monetary Fund(I.M.F) debt. It became a defaulter after it missed the deadline for payment  of 1.7 billion dollar(1.5 billion euro) to I.M.F. According to I.M.F’s Fund spokesman Gerry Rice, Greece has too much debt to return and it can get finance from the I.M.F only if it repays the loan.