Greece Seeks Emergency Bailout Support Amid IMF Default

Greece is seeking support from its euro zone partners and the European Central Bank after defaulting on its debt to the International Monetary Fund.

The country's Finance Minister, Yanis Varoufakis, has hinted that the ruling Syriza party might be willing to scrap a referendum on bailout terms if a loan agreement is granted.

Varoufakis told colleagues that the party might urge Greeks to vote 'yes' in Sunday's plebiscite if Athens is granted a loan. This would be a significant shift in strategy, as the party had previously stated its intention to hold the referendum regardless of the outcome.

The Greek government is due to put new proposals for a two-year loan agreement and debt rescheduling to Eurogroup finance ministers. The move comes after Greece lost access to frozen international bailout money, exacerbating its financial crisis.