Just as all the markets expected, Greece has not met its deadline to repay €1.6bn (£1.1bn) to the IMF.
The amount, which constituted a bundle of loan repayments from the month of June, was due by 11pm on Tuesday evening.
Greek Prime Minister Alexis Tsipras had already expressed he thought it was unlikely Greece would meet the deadline, but it didn't stop him trying – in the few hours running up to the deadline, the Syriza government put forward a last-minute bid for an extension of Greece's bailout
Unfortunately for Greece, this shirt extension to Greece's current bailout was rejected by Eurozone finance ministers.
Fears will not be escalating that Greece is on course to leave the Eurozone, with a default on repayments to private creditors looking increasingly likely. Both Fitch and S&P ratings agencies have downgraded the beleaguered economy it in the last two days.
Talks to try and come to a solution are expected to continue on Wednesday, but the next real indication of Greece's future will come from the referendum result on 5 July.
Greeks will vote on whether or not to accept the reform proposals put forward by creditors. If they do not, this may well result in Greece exiting the Eurozone.