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Eurozone ministers set to weigh Greece’s latest proposal

People stand in a queue to use an ATM outside a closed bank, next to a sign on the plant, bottom right, reading ''NO'' in Athens, Tuesday, June 30, 2015. It's crunch time for Greece, with the European part of its international bailout expiring Tuesday and with it any possible access to the remaining rescue loans it contains that it needs to pay its debts. As a result, the government is unlikely to repay a roughly 1.6 billion-euro ($1.87 billion) debt to the International Monetary Fund due Tuesday, too — a move that increases fears the country is heading to a messy default and potential exit from the euro currency. (AP Photo/Thanassis Stavrakis)
People stand in a queue to use an ATM outside a closed bank, next to a sign on the plant, bottom right, reading ''NO'' in Athens, Tuesday, June 30, 2015. It's crunch time for Greece, with the European part of its international bailout expiring Tuesday and with it any possible access to the remaining rescue loans it contains that it needs to pay its debts. As a result, the government is unlikely to repay a roughly 1.6 billion-euro ($1.87 billion) debt to the International Monetary Fund due Tuesday, too — a move that increases fears the country is heading to a messy default and potential exit from the euro currency. (AP Photo/Thanassis Stavrakis)

By Associated Press 6 min read

ATHENS, Greece (AP) – Eurozone finance ministers were set to weigh Greece’s latest proposal for aid Wednesday, hours after the country’s international bailout expired without a deal, cutting it off from vital financing and deepening fears over whether it will be able to remain in the eurozone.

With its failure to repay the roughly 1.6 billion euros ($1.8 billion) to the IMF, Greece became the first developed country to fall into arrears on payments to the fund. The last country to do so was Zimbabwe in 2001.

Wednesday’s teleconference of eurozone finance ministers was to take place after the ministers said late Tuesday there was no way they could reach a deal to extend the bailout for Greece before the midnight deadline.

“It would be crazy to extend the program,” Dutch Finance Minister Jeroen Dijsselbloem, who heads the eurozone finance ministers’ body known as the eurogroup, said late Tuesday. “So that cannot happen and will not happen.”

As Greece’s leaders pushed new terms for a possible third bailout, they also struggled to cope with the consequences of shutting banks and the stock market this week.