Greece becomes first developed nation to default on IMF payment

July 01, 2015 08:19

Greece has become the first developed country to default on its debt to the International Monetary Fund, after missing a 1.5 billion euro payment.

Eurozone ministers refused to extend its bailout. But the ministers said they would discuss a last-minute suggestion from Greece for a new bailout programme, BBC reports.

The IMF confirmed that Greece had failed to make the payment. "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.

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