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European Union

Greece to miss IMF debt payment and bailout to expire

Greece hits new low as bailout to expire, default looms

Greece slipped deeper into its financial abyss on Tuesday, when the bailout program it has relied on for five years was set to expire and the country was due to become the first developed nation to miss a payment to the International Monetary Fund. After Greece made a last-ditch proposal to extend its bailout, the creditors decided in a teleconference that there was no way they could reach a deal. Greece's international bailout expires at midnight central European time, after which the country loses access to billions of euros in funds. At the same time, Greece has said it will not be able to make a payment of 1.6 billion euros to the IMF. An EU official said Greece's...