Eurozone thrust into state of emergency as Greece left without financial lifeline

Country’s government tables new proposals after fortnight of brinkmanship among EU leaders, demanding bailout be rolled over into new programme

Greece is left alone, insolvent and almost bankrupt on Wednesday after five years of €240bn in European bailouts dried up and the country became the first in the European Union to default on its creditors. The country failed to make a €1.5bn payment to the International Monetary Fund on time and has thrust the eurozone into an emergency.

The long-running debt debacle left Greece on the brink of financial collapse, worsening recent years of wrenching austerity, and represented a historic blow to a Europe committed to the irreversibility of its 16-year-old single currency.

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