Current Affairs Global - 2 July 2015

1. Greece has become the first developed nation to default on International Monetary Fund (IMF) debt after 30th June midnight when the deadline to repay 1.7 billion USD to IMF passed. The Eurozone Finance Ministers refused to extend its bailout to Greece after it rejected the proposal given by the troika which includes the International Monetary Fund (IMF), the European Commission (EC) and European Central Bank (ECB).

The proposal said that Greece needs to raise its primary surplus within two years in order to avail the 15.5 billion Euros of funding, which in turn required pension and tax reforms. The newly elected Syriza government is against such harsh austerity measures.

2. Finnish telecom engineer Matti Makkonen who is also considered as the inventor messaging service (SMS) technology passed away following serious illness. He was 63. In 1984, he had pioneered the idea of sending messages via mobile networks but failed to patent it was merely idea and was not actual implementation. He was also awarded The Economist-s Innovation Award in the computing and telecommunications category.