Greece will not repay the loan installment due to International Monetary Fund (IMF) Tuesday, Greek Finance Minister Yanis Varoufakis said.

However, he expressed hope that a debt deal can be reached with international creditors.

The Greek official made the statement outside the Finance Ministry in Athens when asked by media as the critical deadline expires on Tuesday afternoon.

He categorically said "No."

Greece's failure to meet its financial obligations to IMF for a second time in a month and pay off 1.5 billion euros (1.67 billion U.S dollars) in loan installments to IMF could launch formal procedures to default in coming weeks.

The remarks were made amid media reports that in the past few hours Greece's dialogue with international creditors has resumed to achieve a last minute debt deal and avert a financial collapse and possible Grexit.

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