Greece has become the first developed country in history to default to the International Monetary Fund.
The cash-strapped nation failed to make a €1.5bn payment to the IMF by an 11pm deadline on Tuesday, triggering an arrears process which was last suffered by Zimbabwe in 2001.
In a statement, the IMF said: "We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared."
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