Time is fast running out for Greece to reach agreement with its EU and IMF lenders and avert a default at the end of June that could see it tumbling out of the euro zone. But talks ended without a breakthrough on Thursday night and the International Monetary Fundteam abruptly left Brussels.
Both sides tried to keep hope alive on Friday and a Greek minister said he hoped for an agreement on June 18. European Commission President Jean-Claude Juncker said the ball was in the Greek government’s court, while the Eurogroup chief demanded “serious proposals” for reforms.
Greece needs a deal to unlock aid or loosen curbs on how much it can borrow in short term debt before a 1.6 billion euro ($1.8 billion) IMF repayment due by the end of this month.“Where there’s a will there’s a way but the will has to come from all sides so it’s important that we keep speaking with each other,” Merkel told a conference in Berlin.Despite the warnings of imminent default, Greek Prime Minister Alexis Tsipras is showing no signs of alarm.