Greece will default

Myles Udland

Jun 29, 2015, 21:55 IST

The defaced facade of the Bank of Greece is seen after a night of violence which followed the Greek parliament approval of a deeply unpopular austerity bill in Athens, February 13, 2012. As Greeks head back to the polls in an election that may help to decide whether they stay in Europe's common currency, and as Cypriot politicians move closer to asking for an international bailout - perhaps as early as this week - the story of Andreas Vgenopoulos and Marfin helps explain how Greece and Cyprus got here. Picture taken February 13, 2012.

Greece will default.

According to a report from The Wall Street Journal on Monday afternoon, Greece will not pay the €1.6 billion due to the IMF on Tuesday.

This is, however, an expected move given the turn things took over the weekend.

Earlier on Monday, Business Insider's Lianna Brinded reported that markets were preparing for a Greek default, with analysts at Barclays writing that, "it is almost certain the Greek government will be unable to make the 30 June IMF Payment."

Over the weekend, talks between Greece and its creditors broke down and Greek prime minister Alexis Tsipras called a referendum on the issue scheduled for July 5.

In response, Greek banks have been closed and capital controls have been put in place.

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