Greece has missed its big payment to the IMF (1.5 billion euros) and -- unless a last-ditch effort to secure a bailout is successful -- is set to miss an even bigger payment to the European Central Bank on July 20 (3.5 billion euros). In theory, this is a shock. Governments should be able to pay debts. Should we be worried about Greece going into default?
If Greece defaults, it will join an illustrious club of debt welshers (including Australia)
Most of the world's economic powerhouses (including Australia) have been in sovereign default at one time or another, writes economist and freelance journalist Jason Murphy.