Greece misses deadline to pay €1.6bn instalment to IMF

Greece has become the first developed economy to go into arrears with the International Monetary Fund.

It missed the deadline to pay an instalment of €1.6bn (£1.1bn) which was due, and its international bailout agreement has also expired.

The country is also supposed to pay its Eurozone creditors €3.5bn before the end of July.

Catharina Moh reports.