Greece Misses Payment, Defaults on International Monetary Fund Loan

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Protesters wave Greek and EU flags during a pro-Euro rally in front of the parliament building, in Athens, Greece, June 30, 2015. The IMF on Tuesday confirmed Greece had not made its 1.5 billion euro loan repayment to the Fund, making it the first advanced economy to ever be in arrears to the Fund. Yannis Behrakis/Reuters

WASHINGTON (Reuters) - The International Monetary Fund on Tuesday confirmed Greece had not made its 1.5 billion euro ($1.67 billion) loan repayment to the Fund, making it the first advanced economy to ever be in arrears to the Fund.

The missed payment, the largest in the Fund's history, is equivalent to a default, in that both imply a breach of Athens' obligations. IMF spokesman Gerry Rice said Greece can now only receive further IMF funding once the arrears are cleared.

Rice confirmed that Greece had asked for a last-minute repayment extension earlier on Tuesday, which the Fund's board will consider "in due course."

Greece Misses Payment, Defaults on International Monetary Fund Loan | World