‘Last attempt’ debt negotiations fail as Greece rejects more austerity

Crucial negotiations between Greece and its creditors ended in deadlock after less than an hour of talks, paving the way for a potential default and even a possible Grexit, unless a “significant gap” is somehow bridged before the June 30 deadline.

 

“While some progress was made, the talks did not succeed as there remains a significant gap,” the commission said after the meeting. “On this basis, further discussion will now have to take place in the Eurogroup,” which will take up the matter in Luxembourg next Thursday.

 

Athens is pressed for time to pay 1.6 billion euros in interest to the International Monetary Fund (IMF) by the end of this month. If an agreement is not reached by June 30, Greece will forfeit access to rescue loans needed to make regular debt payments, and avoid a default that could force Greece out of the euro.

 

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