Greece has faced severe economic crisis in the year 2015 resulting in default in repayment of IMF loan. Greece defaulted on a USD 1.7 billion IMF payment, making it the first developed country to ever default on an IMF loan and the first country to default since Zimbabwe in 2001. The Greek financial crisis was a series of debt crises that began with the global financial crisis of 2008. Its source originated in the mismanagement of the Greek economy and of the government finances, however, rather than exogenous international factors. To compound the problems, Greece's membership in the Eurozone prevented it from exercising full control over its monetary policy. So, interest rates were kept too low for too long relative to the inflationary pressures that were building up in the Greek economy.