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Greeks angry, Germans calm after IMF default

11:30am BST - 01:18

Greek residents are exasperated with their government, after Athens misses its $1.8 billion payment to the International Monetary Fund. Yiming Woo reports.

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Athens woke up to the news that Greece has become the first-ever advanced country to default on the IMF. The country has lost frozen international bailout money and is now appealing to its European partners to keep it afloat. Many in Athens are exasperated as well as inconvenienced because the government shut banks and put limits on cash withdrawals. (SOUNDBITE) (Greek) ATHENS RESIDENT, FOTIS, 49, OFFICE EMPLOYEE, SAYING: "The government must resign, leave and call elections, or we should have a unity government. I can't see any other solution. We are bankrupt, we are over. Can't you see what's happening to the banks?" Athens is set to propose a two-year loan agreement and a reschedule of its debt. While there's deep scepticism in Europe about rushing to lend it more money, people in Germany, Greece's biggest creditor, were not so pessimistic. (SOUNDBITE) (German) RESIDENT HERBERT SIEVER SAYING: "I assume that it will all turn out well. Because they will not let Greece go. They still support them with loans via the European Central Bank. I think they will continue to negotiate a bit and haggle, but then all will be well. As always." The Greek government is again looking at accepting austerity commitments, in order to avoid an economic meltdown and possible exit from the euro zone.

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Greeks angry, Germans calm after IMF default

11:30am BST - 01:18