The crisis in Greece is unfolding so fast that new breaking updates are being published every hour. Yesterday, Greece became the first developed nation ever to default on the International Monetary Fund (IMF). Hours after Greece missed the deadline for its repayment to the IMF, European ministers will meet to discuss the Greek request for a new bailout, BBC News reports.
The Financial Times reports that Greek PM Alexis Tsipras seems ready to concede on most outstanding differences between his government and its international bailout creditors. According to a leaked letter sent late Tuesday night to the heads of the country’s trio of bailout monitors, Tsipras is prepared to accept most of the economic reform proposals issued by the European Commission on Sunday.
Later on Tuesday, Greece’s Finance Minister Yanis Varoufakis indicated that the government might cancel the controversial July 5th referendum if a deal was reached, Reuters reports.
On Monday, Greece closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks. Cash withdrawals at ATMs will be limited to 60 euros ($66) until further notice, and transfers abroad will