Greece Defaults on $1.8 Billion IMF Payment

Greece slipped deeper into its financial abyss after the bailout program it has relied on for five years expired at midnight Tuesday and the country failed to repay a loan due to the International Monetary Fund, deepening fears over whether it will be able to remain in the eurozone. With its failure to repay the roughly 1.6 billion euros to the IMF, Greece became the first developed country to fall into arrears on payments to the fund. The last country to do so was Zimbabwe in 2001. After Greece made a last-ditch effort to extend its bailout, eurozone finance ministers decided in a teleconference late Tuesday night that there was no way they could reach a deal before the deadline.