2015 Event Puerto Rico fails to make a $58 billion debt payment on bonds issued by the Public Finance Corporation; Governor Alejandro Garcia Padilla warned creditors in June that debt restructuring will be needed to keep the government afloat 2015 Event Debt rating company Moody's downgrades Greece to a Caa3 rating after the country misses its $1.6 billion payment to the IMF; Greek citizens will vote July 5th on whether to accept austerity conditions in exchange for bailout funds 2015 Event Greece misses its $1.8 billion debt payment to the IMF after a bailout extension request was denied; Greek leaders had rejected making reforms in exchange for the funds, but Prime Minister Alexis Tsipras is now willing to negotiate 2015 Event The Greek Parliament votes in favor of holding a referendum on July 5th regarding whether the country should accept reforms in exchange for continued bailouts; current bailouts expire on June 30th, the day that a $1.8 billion debt payment is due 2014 Event EBay Inc. announces that it will split its PayPal unit into a separate company, raising the possibility of a PayPal buyout by mobile payment operators such as Google 2014 Event India's central bank states that domestic credit cards must complete extra validation when used to buy local goods or services; some businesses have avoided the rule by using foreign payment systems, resulting in cash flows out of the country 2014 Event Michaels Stores, Inc. states that data for 2.6 million payment cards at its Michaels stores and 400,000 cards at its Aaron Brothers stores may have been compromised in a security breach; the breaches occurred between May 8, 2013 and February 27, 2014 2014 Event The banking industry is losing ground as non-banking companies such as Apple, Google and TMobile develop their own payment methods and financial products that circumvent the need for banking services 1988 Event New York City furrier sues Mike Tyson for $92,000 for non payment of purchase 1961 Event Twins agree on $500,000 payment to AA for Minn/St. Paul territory 1950 Event European Payment Union forms in Paris 1937 Event U.S. Social Security system makes its 1st benefit payment 1909 Event 1st Christmas Club payment made, to Carlisle Trust Co, Pa
