ML-Implode News - Greek default draws closer as opposing sides swap ultimatums

Huw Pill, at Goldman Sachs, said a sovereign default along with a freezing of bank deposits and a parallel scrip currency or IOU are increasingly likely and may even be "necessary" to break the impasse.
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Mr Dragasakis said Greece cannot withstand further austerity and insisted that Syriza will not accept a deal unless the target for the primary budget surplus is cut to 1pc of GDP in 2015 and 1.5pc next year. The eurozone wants a medium-term surplus of 3.5pc.

While the creditor bloc has tried to maintain a unified front, it is riven with differences. The German coalition itself is deeply split, with the Social Democrats (SPD) expressing open irritation with hardliners in the German finance ministry.

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Greek default draws closer as opposing sides swap ultimatums