The International Monetary Fund (IMF) said on Tuesday that Greece is now in arrears to the Washington-based lender, which makes Greece the first advanced economy default on IMF debt.

"I confirm that the Special Drawing Rights (SDR) 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," Gerry Rice, Director of Communications at the IMF said in a statement.

"I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece's repayment obligation that fell due today, which will go to the IMF's Executive Board in due course." he said. Endite

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