The Greek love of drama was on full display today. As the minutes ticked down to a deadline for the repayment of a massive loan to the International Monetary Fund, the Greek government sent a startling new message to its creditors: can we have another bailout, please?
The creditors refused and Greece became the first developed country to fail to repay an IMF loan on schedule. This is not a default — at least not immediately — so Greece is not yet officially bankrupt. But its crisis is intensifying; its banks are shuttered, ATM cash withdrawals are severely restricted, more multi-billion euro debt repayments are looming and agreement between the country and its creditors seems as elusive as ever.