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Greece defaults on the International Monetary Fund after launching 11th hour attempt to agree new rescue dealDebtor nation makes history in becoming first ever developed economy not to pay back the IMF five days ahead of vital referendum Default to the IMF does not however constitute a sovereign default in the eyes of rating agencies. It is also not guaranteed to trigger a series of cross-default clauses on the country's other outstanding debt.
IMF: austerity measures would still leave Greece with unsustainable debtSecret documents show creditors’ baseline estimate puts debt at 118% of GDP in 2030, even if it signs up to all tax and spending reforms demanded by troika