Greece has failed to meet its International Monetary Fund (IMF) deadline for a €1.6bn repayment, hours after eurozone ministers refused to extend the country's bailout.
However, the BBC reports ministers say they will today discuss a request from Greece for a new two-year bailout. The report said Greece is the first advanced country to fail to repay an IMF loan and is now "formally in arrears". The risk of the country leaving the euro have increased, the report said. Greece failed to make its payment deadline at 10pm on Tuesday. "We have informed our executive board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," said IMF spokesman Gerry Rice. The country's eurozone bailout has expired meaning ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
