Greece has now missed its €1.5 billion (£1.1 billion) payment to the International Monetary Fund (IMF) following a decision from eurozone ministers to refuse to extend the country’s bailout. The IMF officially confirmed this at 10pm GMT yesterday (June 30).
Greece has requested a new two-year bailout plan which will be discussed on Wednesday.
This makes Greece the first ever advanced country to fail to repay a loan to the IMF, making it formally in arrears and in uncharted territory. The only 3 other countries still in arrears to the IMF are Sudan, Somalia and Zimbabwe. Between those 3 countries they owe €1.6 billion, only slightly more than Greece does on its own.
This means Greece cannot receive further IMF financing until these arrears are cleared.
Telephone conferences will be held today, a referendum on July 5, and by July 20 Greece must redeem a further €3.46 billion of bonds held by the European Central Bank, else risking their access to emergency loans.