Greece debt crisis: when is a default not a default?

The IMF may not want to classify any Athens' failure to pay up on time as a default - but it would be first case of arrears by an advanced economy

If it looks like a default, swims like a default, and quacks like a default, then it's probably a default.

As near-bankrupt Greece hurtles towards its deadline to pay the International Monetary Fund on Tuesday, financial experts are grappling with the question of whether a failure to come up with the cash would constitute a sovereign default.

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