Greece has failed to pay the EUR 1.5 billion debt due to the International Monetary Fund (IMF), said Gerry Rice, director of communications.

In the statement issued by the IMF on Tuesday regarding Greece’s financial obligations to the fund, Rice said “We have informed our executive board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.”

“I can also confirm that the IMF received a request Tuesday from the Greek authorities for an extension of the country’s repayment obligation that fell due Tuesday, Rice noted, adding that this request will be brought to the IMF’s executive board in due course.”