Greece won’t pay the International Monetary Fund the 1.5 billion euros it owes Tuesday. A spokesman for Finance Minister Yanis Varoufakis told CNN the payment would not be made. Greece thus becomes the first developed economy to default to the IMF.

Greece won’t pay the International Monetary Fund the 1.5 billion euros it owes Tuesday.

A spokesman for Finance Minister Yanis Varoufakis told CNN the payment would not be made. Greece thus becomes the first developed economy to default to the IMF.