The IMF confirmed that Greece has missed the deadline for the 1.6 billion euro payment shortly after 10pm last night.

However, ministers say they will now discuss a last minute deal brought to the table by Greek PM Alexis Tsipras last night. The talks will begin on Wednesday, with the goal being another two year bail-out plan.

“We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared,” IMF spokesman Gerry Rice told the BBC.

The European Central Bank has frozen its liquidity lifeline to Greek banks and ratings agencies have further downgraded the country’s debt.