Greece has become the first country in over three decades to defer a payment to the IMF, the last country to miss a payment was Zambia in the 1980s.

The Greeks have not technically defaulted and today’s event will not be classed as a credit event.

The motive behind the non-payment remains unclear, Greece has the money to pay the bills as well as a number of subsequent repayments; it is not case of not being able to pay but a conscious decision not to release funds.

One theory is that the indebted nation is attempting to broker a deal with creditors that will provide an alternative to economy shattering measures.

“We are looking forward to getting a deal as soon as possible,” said economy minster Stathakis in a BBC interview.

His apparent optimism maybe displaced as the Germans grow tired of Greek brinkmanship and point out the limited impact a ‘Grexit’ may have.

Markets reacted negatively to the news, the FTSE 100 trades down 07% at 6812 and the German DAX down 0.9% at 11243 at 10:10am London time.

Although markets were deep in the red, the fall was contained as investors stepped in, assured by the ECB’s bond buying package.