Less than 24 hours for Greece to take the first step down the road to freedom

Greece has one more day left to pay the IMF £1.6bn of instalments for a loan that a Greek Debt Committee commissioned by the Greek government have declared "illegal, illegitimate, odious and unsustainable".

The IMF's creditors don't go into default if they don't pay up on time, they go into arrears. Greece won't be in default unless it fails to pay out on the €3.49bn of bonds and €2bn of Treasury bills that mature in July. Most of the T-Bills are owned by banks and will be rolled over but the bonds will need to be paid in just a few weeks if Greece is to avoid a sovereign default.

Greek banks are closed today and capital controls put in place to limit withdrawals and transactions to try and prevent capital flight. The Greeks have lost faith in the €uro and it's looking increasingly likely that they'll vote no to the bailout terms the EU and IMF are trying to force onto them in a referendum due to be held on Sunday.