A Greek government official has said Greece will be unable to make a EUR 1.6B debt payment due to the International Monetary Fund on Tuesday, Reuters reported on Monday. The IMF has said that Greece will immediately be in arrears if it fails to make the debt repayment. Eurozone finance ministers on Saturday rejected Greece’s request for an extension to Greece’s bailout programme which is due to expire on Tuesday. Despite the shock of a default by a eurozone country, Greece's fate is likely to remain unchanged until after a snap referendum on 5 July 5 on bailout terms presented by creditors last week.
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