The IMF confirmed that Greece has missed the deadline for a €1.6bn payment to the International Monetary Fund (IMF) and is now formally in arrears.
Even though eurozone ministers refused to extend its bailout they may discuss on a last-minute request from Greece for a new two-year bailout on Wednesday.
- Eurozone bailout expired, Greece no longer has access to billions of euros in funds
- The European Central Bank (ECB) has also frozen its liquidity lifeline to Greek banks
- Ratings agencies have further downgraded the country’s debt
- Greece is the first advanced country that failed to repay a loan to the IMF
- Greece at risk of leaving the euro
The ECB is believed to have disbursed virtually all of its emergency funds for Greece, amounting to €89bn (£63 bn).
Only three other countries are still in arrears to the IMF – Sudan, Somalia and Zimbabwe. Collectively they owe €1.6bn to the IMF, only marginally more than Greece.