Robert Mugabe: Zimbabwe currently owes the IMF just under $80m
Last night, the Greek government invoked an obscure clause from the 1970s to get out of a €305m debt repayment to the International Monetary Fund.
Rather than pay up today, Athens has chosen to settle its debts for June €1.5bn in a lump sum at the end of the month.
The country is technically within its rights, says Ambrose Evans-Pritchard in The Daily Telegraph. But "it is the first time that a developed country has ever missed a payment to the IMF since the creation of Bretton Woods institutions [of which the IMF is one] at the end of the Second World War."
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That gives Greece the dubious honour of being the first developed country in over 70 years to miss an IMF payment.
But who else has stuck two fingers up at one of the world's most respected financial institutions?
Zambia
It didn't end well. Struggling to service over $800m in debt arrears, and forced by the IMF to abandon subsidised food prices and devalue its currency, the country was wracked by urban riots and strikes in the middle of the decade.
Sudan has been in arrears on its payments to IMF since 1984 (on debt going back to the 1970s), making it one of the IMF's oldest borrowers and in 1986 the country was declared ineligible to receive any more cash.
But when Fidel Castro seized power in 1959, repayment of IMF loans taken out under the previous Batista government was repeatedly postponed and interest racked up until a full five years later, 1964, when Cuba decided to give up its IMF membership.
Was that it for Cuba's debt repayments? Not exactly.Castro's government went on to pay off the country's entire IMF debt including all interest charges.
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Hector Reid is a freelance writer, editor and content designer for financial companies. He has a Bachelor in Arts from the University of Manchester. Hector shares his expertise in funds and the economy.
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