Greeks Will Default As Central Bank Turns On Government
By Mehreen Khan in Telegraph - The Greek government has admitted it will become the first developed country in history to default on the International Monetary Fund (IMF) if its creditor powers fail to strike a deal with the Leftist government over its eurozone future in the coming days.
With just 13 days before the country’s bail-out programme officially expires, finance ministers will gather in Luxembourg on Thursday to discuss whether to finally give their assent to release bail-out cash and stave off an unprecedented default.
Before the 11th hour attempt to secure a deal, Athens’ chief negotiator said his government had run out of cash to make a €1.6bn payment to the IMF, also on June 30.
"At the moment we haven’t got the money," said Oxford-educated minister Euclid Tsakalotos.