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NNA – (Agence France Presse) Greece has confirmed it would fail to make a key IMF repayment due on Tuesday, fanning fears of a chaotic eurozone exit on the same day the country’s international bailout expires.

At the same time the European Commission said it had offered an eleventh hour deal to Prime Minister Alexis Tsipras to stave off a crisis which could rupture the eurozone and risks a knock-on effect on other troubled countries.

Tsipras has urged Greeks to reject creditors’ tough reform demands in a referendum on Sunday, but has also pleaded for an bailout extension to keep Athens afloat.

Failure to pay would see Greece become the first country to default on the International Monetary Fund since Zimbabwe in 2001. In terms of standards of living, it would be the wealthiest.

With just hours to go before the deadline, finance minister Yanis Varoufakis gave an emphatic “no” to questions over whether Greece would make the debt repayment of about 1.5 billion euros ($1.7 billion) on Tuesday. (AFP)

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