Greece’s decision to delay a 300-million-euro payment to the IMF today and instead try to meet all June’s payments at the end of the month was probably an act of bravado for domestic consumption but it also clarifies things. At the end of June, Athens will have to hand 1.6 billion euros over to the Fund, a bill that looks very tough to meet without outside help. Moreover, Greece’s international bailout expires at the same moment and if no cash-for-reforms deal is done by then, the remaining money cannot be disbursed. At that point, default would surely follow. Because euro zone parliaments would have to ... (full story)