Greece will not pay a 1.6 billon euro loan instalment due to the International Monetary Fund on Tuesday, a Greek government official confirmed on Monday, highlighting the depth of the financial crisis facing the country. IMF Managing Director Christine Lagarde earlier this month said Greece would be in default as of July 1 if it failed to the pay the money, though an IMF spokesman last week said a missed payment would classify Greece as "in arrears".
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