No Bailout for Greece
Greece will not receive any extra money from the eurozone today, Greek Prime Minister Alexis Tsipras was told in the early hours of the morning.
Greece is scheduled to pay the International Monetary Fund €300 million (us$330 million) tomorrow, but it seems unlikely that it has the money. Another $1.45 billion is due over the next few weeks.
European Union leaders told Mr. Tsipras that his proposals for reform were inadequate, and therefore, he would not receive the $8 billion in aid earmarked for Greece.
New talks will be held in the coming days, but the failure to reach a deal today means Greece will not receive a bailout in time to pay the imf tomorrow.
If it fails to pay, Greece would be the first developed nation to default on its payments to the imf. Once the payment deadline is passed, however, Greece still has a 30-day grace period in which it could pay the money and avoid default.