- Greece will not pay IMF on Tuesday

- Greece will not pay IMF on Tuesday
IMF chief Christine Lagarde (pictured) as expected gets nothing from Greece on Tuesday.

- Greece is not going to pay the installment of 1.6 billion euros to the IMF when it is due on Tuesday, a Greek government source confirms to Reuters.

Analysts have expected that Greece would default on debt when the installment of just over 1.6 billion euros should be paid to the International Monetary Fund IMF. The Country's treasury is namely empty.

Nevertheless, both the Greek authorities and the IMF have insisted that payment would be payed as planned.

The payment is due on Tuesday. Meanwhile the entire Greek loan program with the EU and IMF expires, which has held the economy afloat over the past five years. There are fears that if the installment of the IMF is not paid, it could be the start of a chain reaction that ultimately ends with Greece leaving the euro zone.

Between June 30 and August 20 another 8.7 billion euros in loan repayments to the IMF, the ECB and the European Investment Bank (EIB) is due.

Tsipras on Friday withdrew from the negotiations with the creditors in the EU and the IMF about what should happen with the Greek loan program. It expires Tuesday, and the Greeks have not wanted to go along with the creditors terms of cuts and reforms to extend it for five months. Instead, Tsipras wants to have a referendum on the terms.

Read: EU with new proposal as Greece is thrown into chaos

Read: - Greek banks will close on Monday

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