Greece confirms it will not pay International Monetary Fund by deadline


Greek Finance Minister Yanis Varoufakis has confirmed that Greece will not pay back the 1.6 billion euros it owes to the International Monetary Fund by this evening's deadline. While the IMF does not use the term "default," the missed payment is effectively the equivalent. Greece is the IMF's biggest debtor, owing a total of 5.5 billion euros by the end of the year.
On Monday, Greek leaders closed the country's banks for six days and imposed limits on ATM withdrawals to prevent bank failures after talks to extend an international bailout collapsed. Prime Minister Alexis Tsipras has also called a July 5 referendum that will let Greeks vote on whether to accept the harsh financial reforms creditors are demanding. Standard & Poor's estimates there's a 50 percent chance the country will leave the eurozone.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Jeva Lange was the executive editor at TheWeek.com. She formerly served as The Week's deputy editor and culture critic. She is also a contributor to Screen Slate, and her writing has appeared in The New York Daily News, The Awl, Vice, and Gothamist, among other publications. Jeva lives in New York City. Follow her on Twitter.
-
'"Andor" examines all sides of how empires operate'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US
-
DHS chief Kristi Noem's purse stolen from eatery
Speed Read Homeland Security Secretary Kristi Noem's purse was stolen while she dined with family at a restaurant in Washington, D.C.
By Peter Weber, The Week US
-
Harvard sues Trump over frozen grant money
Speed Read The Trump administration withheld $2.2 billion in federal grants and contracts after Harvard rejected its demands
By Peter Weber, The Week US
-
Nobody seems surprised Wagner's Prigozhin died under suspicious circumstances
Speed Read
By Peter Weber, The Week US
-
Western mountain climbers allegedly left Pakistani porter to die on K2
Speed Read
By Justin Klawans
-
'Circular saw blades' divide controversial Rio Grande buoys installed by Texas governor
Speed Read
By Peter Weber
-
Los Angeles city workers stage 1-day walkout over labor conditions
Speed Read
By Justin Klawans
-
Mega Millions jackpot climbs to an estimated $1.55 billion
Speed Read
By Catherine Garcia
-
Bangladesh dealing with worst dengue fever outbreak on record
Speed Read
By Catherine Garcia
-
Glacial outburst flooding in Juneau destroys homes
Speed Read
By Catherine Garcia, The Week US
-
Scotland seeking 'monster hunters' to search for fabled Loch Ness creature
Speed Read
By Justin Klawans