AMN
Greece has defaulted on a 1.7 billion dollar payment to the International Monetary Fund becoming the first developed nation to do so. The deadline was missed by Athens hours after Eurozone Finance Ministers refused to extend its bailout. However, the ministers said that they will discuss a last-minute request from Greece for a new two-year bailout today.
Greece is now formally in arrears, and there are fears that this could put Greece at risk of leaving the Euro. Confirming that that Greece had failed to make the payment, IMF spokesman Gerry Rice said that they had received a request from Greece to extend the payment deadline, which he said would go to the board in due course. The European Central Bank has also frozen its liquidity lifeline to Greek banks.
Meanwhile, thousands of people rallied in Athens yesterday in support of the bailout deal with international creditors.