As Greece enters a new week with no imminent signs of securing a deal with creditors to unlock much-needed aid, talk that a debt default is “inevitable” has grown.
News emerged on Monday that Greece came so close to defaulting on a 750-million-euro ($855-million) repayment to the International Monetary Fund (IMF) last week that Greek Prime Minister, Alexis Tsipras, warned that the repayment could not be made without help from the European Union.
Concerns that IMF debt will not be repaid sparked a sell-off in Greek bonds, with the yield on two-year bonds surged more than 250 basis points to 23.68 percent.
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