If Greece defaults on its debt, it will be the biggest default by a country in history.
Greece is expected to miss a €1.5 billion ($1.7 billion) debt payment on Tuesday. That won’t be enough to put it in the record books yet, but it could eventually make Greece default on its entire debt load: €323 billion ($360 billion).
This isn’t the first time Greece has been on the brink. Greece already holds the record for the biggest default ever by a country from 2012 when it went into technical default and had to restructure about $138 billion of its debt. Back then, Greece was quickly bailed out by its European peers. That’s unlikely to happen now.
The Greek government pulled its negotiators from talks with European officials Friday after little progress was made on a debt payment plan and economic reforms. Greece has called for a referendum vote on July 5 on the latest proposal from Europe and the International Monetary Fund.
Greece already holds the record: Greece’s 2012 technical default shattered the previous record set by Argentina in 2001, when the South American nation defaulted on $95 billion in debt. While there are parallels between the two countries, experts say this potential Greek default could be much worse.