By Julia Arciga On June 30th, Greece was scheduled to make a 1.5 billion euro payment to the International Monetary Fund, and - we all know how this sentence ends - they didn’t.
Cue the beginning of one of the most watched financial crises of our time, with a heaping side of fanfare to go along with it - and the story is still developing.
Austerity and “Arrears”
Greece announced that it wasn’t going to be making the June payment more than a month prior to deadline. At this time, they were in negotiations with the IMF and their eurozone peers to release 7.2 billion euros in aid to avoid bankruptcy.
In negotiations, the leftist Greek government was “under pressure” to implement drastic austerity measures, such as drastic budgetary cuts and reforms, that would prevent recovery in a deep recession according to the government.
“We have met them three-quarters of the way, they need to meet us one-quarter of the way," Yanis Varoufakis, who has since resigned from his position as Greece’s Finance Minister, told the BBC.
Amid tense negotiations, a crowdfunding campaign was started and ended up raising almost two million euro in an attempt to raise enough money to pay down the debt.
Unable to obtain the proper funding via negotiations or IndieGoGo in time, the Greeks missed the payment and creditors were accepting no extensions. The IMF officially placed them in “arrears,” or their version of “default.”
Syria's jihadists react to a controversial statement made by an official of HTS.
An ISIS-linked Islamist group has reportedly overrun significant sections of the city of Marawi, located on the southern island of Mindanao in The Philippines.
The Raqqa operation, named Wrath of Euphrates, is entering its final stages as Syrian Democratic Forces are clearing areas north and east of the city of Raqqa from Islamic State presence.
Jenan Moussa, a journalist with UAE based al-Aan TV, released a video on her Twitter claiming to have sent three people undercover into Idlib province, where they filmed daily life with their cellphones.
The official account for the International Coalition for Operation Inherent Resolve has confirmed that coalition warplanes struck pro-government forces near al-Tanf area near the Syria-Iraq border "posing a threat to US partner forces".
Overnight the US Navy launched a Tomahawk cruise missile attack on a Syrian Air Force base in response to the chemical attack in Khan Shaykhun earlier this week.
Recent provocations by Russia and its militant proxies in Avdiivka's Industrial Zone fit with a continuing pattern of violence in SE Ukraine.
Islamic State is busy setting up a new affiliate in the Philippines, and government policies are allowing the threat they pose to worsen.
The battle for the Syrian city of Aleppo is in its final stages as government troops and allied militias dislodge the rebels from the final neighbourhoods
Islamic State (ISIS) fighters have this evening recaptured the city of Palmyra in central Syria.