Greece misses IMF payment deadline

AS expected, Greece has missed the deadline to make a €1.5 billion repayment on its International Monetary Fund (IMF) loan. Following a roller coaster of offers and counter demands and Greece’s surprise announcement of a referendum, Wednesday morning (July 1) saw Greece become the first European country to fall into arrears with the IMF.
The arrears mean Greece can no longer receive funding from the IMF, and there is no new European package of funding agreed.
European finance minsters will discuss Greece’s request for a European bailout of €29.1 billion, which would be used to service debt repayments to the IMF and the European Central Bank, with whom Greece’s next payment deadline lurks on July 20.
After two days with the shutters down, Greek banks will reopen on Wednesday (July 1) to allow pensioners, many of whom do not use bank cards to access cash machines, to make a one-off withdrawal of up to €120.

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