Last night the inevitable happened and, despite attempts by the country's leaders to persuade the Eurozone to provide it with a third bailout package, Greece failed to stump up the €1.5bn (£1.1bn) it owed the International Monetary Fund (IMF).
On Sunday, the country will hold a referendum, asking its people whether they are prepared to accept wide-ranging fiscal and economic reform proposals by its creditors. Don't hold your breath: turkeys don't tend to vote for Christmas.
What does this mean for Greece? Will a default lead to it leaving the eurozone? Could the government resign? Here's everything that could happen next.