ATHENS (REUTERS) - Greece will not pay a 1.6 billion euro (S$2.4 billion) debt instalment to the International Monetary Fund due on Tuesday, but Athens still holds out hope of a last-minute deal with creditors on an aid package, Finance Minister Yanis Varoufakis said.

Asked by a reporter if Greece would make the payment on Tuesday, Mr Varoufakis replied: "No". On the possibility of an 11th hour aid deal with international creditors - with the current programme expiring on Tuesday - he said: "We hope so".