Greece has revealed that it will not pay back a £1.1billion loan installment due tomorrow as tens of thousands of anti-austerity protesters took to the streets. Huge queues continued to build up outside cash machines as Greek Prime Minister Alexis Tsipras addressed the nation ahead of Tuesday's repayment deadline. After calling a surprise referendum on conditions Athens would have to meet to be granted more money, a beleaguered Tsipras hinted that he would resign if Greece rejected his plea for a 'no' vote. The country's ministers have repeatedly warned that Greece would not have the cash to pay the International Monetary Fund (IMF) unless creditors agreed to unlock a further £5.1billion in frozen bailout funds.Debt-stricken nation will not meet the June 30 deadline for loan repaymentBailout talks broke down at the weekend as Eurozone crisis deepensTens of thousands of anti-austerity protesters rallied in the capital AthensGreek PM hinted he would quit if public vote in favour of creditors' plans
The resulting deadlock has seen capital controls imposed on the nation, leading to _ banks being closed and the government imposing a €60 limit on cash withdrawals amid fears the country's banks are running out of money. The temporary shutdown of _ banks and financial markets today will only exacerbate the panic. Even so, anxiety about a _ meltdown has already hit the value of shares, bonds and other assets held by pension funds by as much as 10 per cent.