The Telegraph accuses the International Monetary Fund of betraying Greece, causing its own credibility to be tarnished and also putting its own long-term survival at stake. “The Greeks are not withholding a 300m-euro payment to the IMF because they have run out of money, though they soon will do,” writes the article, pointing to an “ice-cold, calculated and carefully-considered decision not to pay” on behalf of Greece. The newspaper writes that IMF Chief Christine Lagarde was caught off-guard by the decision, specifically the newspaper writes that the officials in Washington were “stunned”.

The decision to “bundle” payments is just a technical shuffle that was last used by Zambia in the Eighties, but in actual fact it is a “warning shot” and “dangerous escalation.” By taking this road, the Greek government is letting it known that they are angry and driven by “a sense of injustice, that they may indeed default ot the IMF on June 30 and in so doing place the institution in the invidious position of explaining to its 188-member countries why it has lost their money so carelessly, and why it has made such a colossal hash of its affairs.”