Greece faces a double deadline on Tuesday with both an IMF loan repayment due and the expiration of a European bailout program, but investors appear to be waiting on the sidelines until they have more details of a surprise referendum to be held on Sunday. Greek officials say the country will reportedly miss a $1.8 billion payment to the IMF on Tuesday. European Central Bank officials are also making a last ditch effort to come to some sort of an agreement with the Greek government ahead of the midnight expiration of the European bailout program. FxPro’s Chief Economist Simon Smith in London says Greece is not likely to make any new deal with its creditors ahead of the Sunday referendum, putting the fate of any deal firmly in Greece’s hands. TheStreet’s Ruben Ramirez has details from New York.
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