By Jonathan Davies

Greece has missed its deadline to make a €1.6 billion repayment to the International Monetary Fund (IMF), placing it in arrears.

It means Greece is the first advanced country to fail to repay a loan with the IMF.

Reports from the Financial Times claim Greece is planning to accept creditors' proposals made over the weekend.

The IMF confirmed that Greece missed the 22:00 GMT deadline shortly after.

"We have informed our Executive Board that Greece is now in arrears and can only receive IMF financing once the arrears are cleared," said IMF spokesman Gerry Rice.

Having fallen into arrears, there is now a real possibility that Greece could be forced to leave the eurozone.

Gerry Rice said Greece had formally requested an extension to the payment deadline.

Eurogroup chairman Jeroen Dijsselbloem earlier said it would be "crazy" to extend the bailout beyond Tuesday's deadline.

Yesterday it emerged that a crowdfunding campaign had been started to pay Greece's €1.6bn debt to the IMF.