Tensions are ratcheting up in Greece and the remainder of Europe ahead of the midnight CET (6 pm ET) expiration of the bailout deal offered to the debt-hit country by its creditors.
Greece in crisis: Full coverage
Greece is 323 billion euros ($352.7 billion) in debt to other European countries, the European Central Bank and the International Monetary Fund (IMF) — collectively known as the “troika.”
The sum is equivalent to more than 175% of the country’s GDP.
Germany is owed the biggest slice of debt, (56 billion euros), followed by France and Italy.
Watch: Where did all the money go?
Biggest debt default by country
A spokesman for Greece’s finance minister told CNN Tuesday it would not make the next debt payment of 160 billion euros ($1.7 billion) today, meaning it will be the biggest debt default by a country ever.
Prime Minister Alexis Tsipras’ office later released a statement saying Greece had asked for a two year bailout from Europe’s rescue fund, the European Stability Mechanism (ESM).