Greece Is Preparing To Declare A Debt Default

Financial Times: Greece prepares for debt default if talks with creditors fail

Greece is preparing to take the dramatic step of declaring a debt default unless it can reach a deal with its international creditors by the end of April, according to people briefed on the radical leftist government’s thinking.

The government, which is rapidly running out of funds to pay public sector salaries and state pensions, has decided to withhold €2.5bn of payments due to the International Monetary Fund in May and June if no agreement is struck, they said.

“We have come to the end of the road . . . If the Europeans won’t release bailout cash, there is no alternative [to a default],” one government official said.

Update: REPORT: Greece is getting ready to default -- Business Insider

WNU Editor: The Greek government has issued denials that it is making plans to declare a default .... Greece denies report that it is preparing for debt default (Reuters) and Greece isn’t preparing default - Tsipras dispels rumor (RT). But the problem is that Greece (through its negotiating tactics) has lost its credibility in the eyes of those who are trying to negotiate a solution with Athens on its debts .... Greece May Have Ruined Its Best Chance (NYT) .... and provoking anger in others .... Eurozone officials slammed Greece for acting like a 'taxi driver' as it 'just kept asking for money' (Business Insider). More to the point .... some of these bankers are now giving up on any hope for a solution .... IMF close to giving up on Greece after official admits bail-out negotiations are ‘not working’ and the country ‘prepares to default on next debt repayment’ (Daily Mail).