IMF: The first developed nation to miss a payment (Greece misses IMF payment as bailout programme expires)

Greece slipped deeper into its financial abyss Tuesday, when the bailout programme it has relied on for five years expired and the country became the first developed nation to miss a payment to the International Monetary Fund.

After Greece made a last-ditch proposal to extend its bailout, the creditors decided in a teleconference that there was no way they could reach a deal.

Greece's international bailout expired at midnight central European time, after which the country lost access to billions of euros in funds. The IMF confirmed shortly after the deadline that Greece had failed to make a 1.6 billion euro payment.

An EU official said Greece's creditors would focus on a new plan for the country starting on Wednesday.

The brinkmanship that has characterised Greece's bailout negotiations with its European creditors and the IMF rose several notches over the weekend, when Prime Minister Alexis Tsipras announced he would put a deal proposal by creditors to a national referendum on Sunday. He is advocating a "no" vote.

The move increased fears the country could soon fall out of the euro currency bloc and Greeks rushed to pull money out of ATMs, leading the government to impose restrictions on banking transactions on Monday for at least a week.

Greeks are now limited to cash withdrawals of 60 euros ($67) a day and cannot send money abroad or make international payments without special permission.............http://www.france24.com/en/20150630-greece-seeks-short-term-bailout-extension-deal-ahead-default-deadline 30/6/15 , 1/7/15 --