Greek PM makes new bailout offer after IMF default

Greek Prime Minister Alexis Tsipras made a fresh reform proposal to eurozone ministers on Wednesday after Greece became the first advanced economy to default on an IMF payment. German Finance Minister Wolfgang Schaeuble effectively ruled out all negotiations, saying that no Greece deal was possible before Sunday's Greek referendum on bailout terms. The Greek proposal was sent by Tsipras to heads of the institutions that have overseen Greece's two bailouts worth 240 billion euros since