Greece will immediately be in arrears to the International Monetary Fund if it fails to make a $1.7 billion debt repayment due June 30, an IMF spokesman said Thursday as bailout talks remained gridlocked. IMF Managing Director Christine Lagarde would notify the fund’s executive board promptly of any nonpayment, said spokesman Gerry Rice, an act that could trigger cross-default provisions in eurozone bailout loans issued to Greece. Full story >>
The cartoon by Dave Brown from The Independent shows IMF Managing Director Christine Lagarde breaking a plate labelled 'Greek Reform Plan' over the head of Greek Prime Minister Alexis Tsipras. Tsipras is portrayed as a waiter presenting her with a 'bail out' bill for €7.2 bn. Greece needs creditors to unlock the remaining 7.2 billion euros in its bailout to pay the IMF at the end of the month but the lenders have refused until Athens agrees to new reforms. Lagarde was reported to have been unimpressed by Greece's latest proposals.
The cartoon references the traditional Greek folk custom of plate smashing — the smashing of plates or glasses during celebratory occasions. In popular culture, the practice is most typical of foreigners' stereotypical image of Greece, and while it occurs more rarely today, it continues to be seen on certain occasions, such as weddings, although plaster plates are more likely to be used. (source: Wikipedia)