Greece Defaults on Debt to IMF

The International Monetary Fund confirmed Tuesday night that Greece had not paid its 1.6 billion euro debt, making it the first advanced economy to default. Greek Finance Minister Yanis Varoufakis had said earlier Tuesday that he was holding out hope for a last-minute aid deal, but eurozone finance chiefs refused. The country will hold a referendum Sunday to decide whether to accept an austerity program proposed by European Union leaders. The prime minister's office said Tuesday that it would seek a new two-year bailout from the EU to cover all financial needs and restructure debt.