The International Monetary Fund (IMF) has confirmed that the Greek government has failed to make a 1.5 billion euro payment that was due on Tuesday and is now in arrears.

According to the statement issued by the IMF’s director of communications Gerry Rice, the Greek government has made an official request for an extension, which the Fund’s executive board will discuss “in due course”.

After failing to make the payment on Tuesday Greece will not be able to receive any further financing from the IMF until the arrears have been cleared.

This is the first time that a developed nation has defaulted on its international obligations.