Greece 2015

About Greece 2015

Greece defaulted on a 1.6 billion IMF payment on June 30, 2015, becoming the first developed country to default to the IMF. Prime Minister Alexis Tsipras called a referendum on EU bailout conditions. Greek voters rejected the terms by 61 percent. Despite the referendum result, Tsipras accepted stricter bailout conditions than those rejected. The Greek drama of 2015 saw capital controls imposed, with banks closed for three weeks and withdrawal limits of 60 euros per day. Finance Minister Yanis Varoufakis resigned. Greece received a third bailout of 86 billion. The IMF default lasted three weeks before Greece made the payment. The crisis demonstrated the costs of the Greek depression and the political constraints of euro membership.