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Greece has been thrown into financial limbo after missing a massive IMF repayment this week when its bailout program expired.
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Even after Greece defaulted on an International Monetary Fund repayment last week the self-described "erratic Marxist" was still firing rhetorical rockets, denouncing the policies of Greece's creditors as "terrorism".
Senior Greek officials are racing to calm fears that the debt-laden country will fail to make a crucial repayment next week – a move that could push the nation into default and create mayhem in the financial markets.
Other bright spots, Mr. Bell said, were an early repayment last week of $142.5 million in debt with the highest interest rates of all Interpublic debt, as well as "exemplary" performance by agencies like Campbell-Ewald; Deutsch; and Hill, Holliday, Connors, Cosmopulos.
Besieged by a prolonged recession, high unemployment and banks dangerously low on capital, Greece defaulted on an International Monetary Fund loan repayment last week, becoming the first developed nation to do so.
Athens defaulted on an IMF loan repayment last month and faces state bankruptcy if it cannot make the bond redemption on July 20, which would likely force the ECB to cut emergency funding for Greek banks.
It has net debt of £8m and faces repayments next year.
While foreign reserves stand at $31 billion, the country has already refinanced the foreign debt scheduled to come due this year, and faces "very comfortable" repayments next year, Mr. Gurria said.
The country is scheduled to make large foreign-debt repayments next year and has been counting on tourism revenues to help provide the cash.
There had been hopes that talks between Greece and its creditors would be concluded with time to spare before the country is due to make debt repayments next summer.
What if she is having a hard time making her mortgage repayments next year?
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