Greece Misses Its Big Payment
Becomes the first advanced nation to default on an IMF loan
By Newser Editors and Wire Services
Posted Jun 30, 2015 5:50 PM CDT
A demonstrator shout slogans in Athens Tuesday.   (AP Photo/Daniel Ochoa de Olza)

(Newser) – It might be a rocky day for the stock market tomorrow: The hour for Greece to make a $1.8 billion payment to the IMF has come and gone without any money changing hands, making Greece the first developed country to default on a loan from the world lending agency, reports Reuters. Euro zone finance chiefs refused to grant a last-minute extension of the bailout program Greece has relied on for five years.

Angela Merkel, for one, said it made no sense to strike any agreement with Greece until after Sunday's referendum, in which Greek voters will be asked to approve or reject a deal proposed by the nation's creditors, reports the New York Times. A "No" vote would likely force Greece to stop using the euro currency, which is why people are saying "Oxi" today.