Greece will not make tomorrow’s €300m payment to the IMF.

Instead it will bundle all of the June payments with a view to handing over €1.6bn at the end of the month.

In a statement released this evening, IMF Chief Spokesman Gerry Rice, said 'the Greek authorities have informed the Fund that they plan to bundle the country’s four June payments into one, which is now due on the 30th of June.'

The option to bundle payments was established by the IMF board in the late 70s, but has not been used by any country since Zambia in the mid-80s, according to the Guardian.