Greece became the first developed country to default to the International Monetary Fund (IMF). Greece will now be cut off from access to IMF resources until the payment is made.

The country made a desperate attempt Tuesday to halt its plunge into economic chaos by requesting a new European bailout. Greece asked for a two-year bailout from Europe, its third in six years.

The bankrupt country is reported to be asking for 29 billion euros (USD 32 billion).

Gerry Rice, Director of Communications at the International Monetary Fund (IMF), said ''I confirm that the SDR 1.2 billion repayment (about EUR 1.5 billion) due by Greece to the IMF today has not been received. We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared.''

''I can also confirm that the IMF received a request today from the Greek authorities for an extension of Greece’s repayment obligation that fell due today, which will go to the IMF’s Executive Board in due course.''