COTW: The Greek Debt Pit

True to form Greece waited until the last minute to ask for more credit from the eurozone so it can make its payment on IMF loans due today. No other EU  country has defaulted on its loans before, so the impact of a Greek technical default (IMF calls it "arrears") on the euro and global financial markets is giving the Greek government some negotiating space. Yesterday the S&P sank 2%. Even if the new source of credit from a euro stabilization fund is doled out, it will take weeks to negotiate the terms, well beyond Tuesday due date. European ministers are supposed to have a teleconference this evening to discuss Greece's request. According to agreements with other eurozone countries failure to make the IMF payment allows them to demand faster repayment of 131bn€ they have lent Greece. The charts below show that private creditors have mostly escaped the Greek debt pit leaving taxpayers holding the bag of rotting olives: