IMF: Greece misses $1.8 billion loan payment

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he International Monetary Fund says Greece missed a $1.8 billion debt payment Tuesday, becoming the first developed country to default on a loan to the lending agency. Eurozone finance chiefs refused to grant a last-minute extension of the bailout program Greece has relied on for five years, and the Greek government couldn’t come up with money on its own to pay the IMF. The IMF said its executive board would consider a Greek request to extend the loan.

Greek Prime Minister Alexis Tsipras has called a referendum Sunday in which Greek voters can decide whether to approve a deal proposed by the country’s creditors. A “No” vote would likely force Greece to stop using the euro currency. The last country to miss an IMF loan payment was Zimbabwe in 2001.

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