By Jonathan Davies

There are fresh fears over Greece's financial future as its cost of borrowing increased dramatically.

The country's three-year bond yields rose from 3.5% to 27% and its 10-year yields were up to 13%.

According to the Financial Times, Greece asked the International Monetary Fund (IMF) to delay its repayments, but the request was rejected.

There are growing fears that the latest blow to Greece's finances could result in its defaulting on its debts.

Greece owes the IMF €1bn (£720m, $1.06bn) in repayments next month.

It is unlikely that Greece will be able to make those repayments unless it secures another new loan agreement.