Varoufakis confirms Greece will not make IMF payment

Greek Finance Minister Yanis Varoufakis confirmed on Tuesday that Athens will not meet the deadline of midnight on Tuesday to repay €1.6bn owed to the International Monetary Fund.

He added that he was still hopeful of a deal with Greece's creditors, the same day a report citing Greek online newspaper Ekathimerini pointed out that the Hellenic government could be reconsidering last night´s proposal from European Commission president Jean Claude Juncker.

Read more: Juncker makes a last-minute offer as Tsipras pushes for 'no' vote in referendum

The non-payment could mark the first time in the IMF's history that a European nation defaults on a loan, and would put Athens in the same bracket as Zimbabwe, Sudan and Cuba.

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