Greek authorities have informed creditors that the country will be technically bankrupt in about a week, The Telegraph reports.
This happens in the wake of negotiations on a new stimulus package.
The deadline to pay billions in debt to the International Monetary Fund (IMF) is due April 9th.
The Greek economy has remained floating on large rescue packages from the IMF and the EU since 2009. If the country does not get more emergency loans, Greece is in danger of running out of money.
In an interview with the German newspaper Der Spiegel, the Greek Interior Minister said that he hopes the country's creditors understand that Greece can not repay the billion-loan to the IMF, and that they are obliged to prioritize wages in public sector and pensions.
Unless Greece repays the loan to the IMF, the country risks further arrears. Greece also owes 240 million euros in interest.
There are no international rules for what happens if a country goes bankrupt. It can not be divided into assets and then sold.
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