Greece will default

Greece will default.

According to a report from The Wall Street Journal on Monday afternoon, Greece will not pay the €1.6 billion due to the IMF on Tuesday.

The Wall Street Journal is citing a Greek government official.

This is, however, an expected move given the turn things took over the weekend.

Earlier on Monday, Business Insider’s Lianna Brinded reported that markets were preparing for a Greek default, with analysts at Barclays writing that, “it is almost certain the Greek government will be unable to make the 30 June IMF Payment.”

Over the weekend, talks between Greece and its creditors broke down and Greek prime minister Alexis Tsipras called a referendum on the issue scheduled for July 5.

In response, Greek banks have been closed and capital controls have been put in place.

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