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Greece: "No" we won't pay IMF debt on time, says Varoufakis on deadline day01:18

Greece: "No" we won't pay IMF debt on time, says Varoufakis on deadline day

Greece, Athens
June 30, 2015 at 05:53 GMT +00:00 · Published

Greece will not make its payment to the IMF, rejecting the June 30 deadline on their debt package, Greek Finance Minister Yanis Varoufakis announced in a short statement as he entered the Ministry of Finance in Athens, Tuesday.

A small group of cleaning ladies that work in the building were protesting outside the Ministry of Finance, calling for a wage hike. On seeing the finance minister after his statement, the women quickly surrounded Varoufakis, some of them hugging him.

The announcement that Greece will default on its €1.60bn ($1.79bn) debt to the IMF was not unexpected following Greek Prime Minister Alexis Tsipras announced that the country would hold a referendum on whether to accept the austerity measures imposed by the so-called "troika" (IMF, ECB, EC). The Greek government closed the country's banks on Monday, as well as imposing limits on withdrawals until July 6, the day after Greeks are due to vote in a referendum.

A 'No' vote by the Greek people would reject new austerity measures that are demanded by Greece's creditors, while a 'Yes' would accept the institutions' conditions for a new Greek bailout package.

Greece: "No" we won't pay IMF debt on time, says Varoufakis on deadline day01:18
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Greece will not make its payment to the IMF, rejecting the June 30 deadline on their debt package, Greek Finance Minister Yanis Varoufakis announced in a short statement as he entered the Ministry of Finance in Athens, Tuesday.

A small group of cleaning ladies that work in the building were protesting outside the Ministry of Finance, calling for a wage hike. On seeing the finance minister after his statement, the women quickly surrounded Varoufakis, some of them hugging him.

The announcement that Greece will default on its €1.60bn ($1.79bn) debt to the IMF was not unexpected following Greek Prime Minister Alexis Tsipras announced that the country would hold a referendum on whether to accept the austerity measures imposed by the so-called "troika" (IMF, ECB, EC). The Greek government closed the country's banks on Monday, as well as imposing limits on withdrawals until July 6, the day after Greeks are due to vote in a referendum.

A 'No' vote by the Greek people would reject new austerity measures that are demanded by Greece's creditors, while a 'Yes' would accept the institutions' conditions for a new Greek bailout package.