Embarrassing? How long it takes China to create the equivalent of an African economy.

19 August 2015
Photo © 2015 Africa Leadership Initiative.

GREECE requested a new euro 29 billion bailout deal from the Eurozone, just hours before missing a deadline to pay $1.8 billion to the International Monetary Fund (IMF) expires.

In so doing, Greece became the first developed country to miss a debt payment to the IMF, putting it on the same list as nations like Zimbabwe, Sudan, Somalia, Iraq, and Afghanistan.

A referendum on Sunday will ask Greeks whether they want to accept the tough austerity conditions creditors have are demanding in exchange for continued loans, and some say it is essentially a vote on where to stay with the Euro. Regardless of how the vote goes, Greece is in for a tough time ahead.

 Read more at MGAfrica

(Christine Mungai is senior writer at Mail & Guardian Africa and a Kenyan)