World Economy

UK Preparing for the Worst

UK Preparing for the WorstUK Preparing for the Worst

UK Treasury chief George Osborne says the failure of the Greek government to make its scheduled payments to the IMF has only served to add to a sense of crisis in the country, AP reported. Greece failed to repay a debt of roughly €1.6 billion ($1.8 billion) to the IMF, becoming the first developed country to fall into arrears since Zimbabwe in 2001. Osborne said it is vital to resolve uncertainty to ensure economic and financial stability across Europe. “We hope for the best; but we prepare for the worst, and we stand ready to do whatever is necessary to protect our economic security at this uncertain time,” he said.