Confirmed — Athens is broke:
Greece’s Finance Minister Yanis Varoufakis said his country would not make the deadline on Tuesday for a key payment to the International Monetary Fund (IMF).
Asked by journalists outside the ministry whether Greece would make the debt repayment of about 1.5 billion euros ($1.6 billion), he replied, “No”.
A defiant Athens urged Greeks to reject creditors’ demands for tough reforms in a weekend referendum, despite warnings that this would lead to a chaotic Greek exit from the Eurozone.
As I’ve noted on this page before, the problem with the inevitable is that given enough time, it always seems to happen.