Newspaper article The Queensland Times (Ipswich, Australia)

Greece on Cusp of Becoming First Country to Crash out of Eurozone

Newspaper article The Queensland Times (Ipswich, Australia)

Greece on Cusp of Becoming First Country to Crash out of Eurozone

Article excerpt

THE world's financial markets are facing up to the possibility that Greece could soon become the first country to crash out of Europe's single currency.

Talks between Athens and its Eurozone creditors have collapsed in acrimony just days before a final deadline for Greece to unlock the $10.4billion in bailout funds it needs to avoid a catastrophic debt default.

Greek Prime Minister Alexis Tsipras accused the creditor powers of hidden "political motives" in their demands that Greece make further cuts to public pension payments in return for the financial aid.

"We are shouldering the dignity of our people, as well as the hopes of the people of Europe," Mr Tsipras said. "We cannot ignore this responsibility. This is not a matter of ideological stubbornness. This is about democracy."

The Greek negotiating delegation met representatives of creditors for just 45 minutes in Brussels on Sunday before storming out.

Negotiators for the International Monetary Fund, which is also a creditor of Greece, flew out of Brussels last week, saying it was pointless to stay while the two sides remained so far apart. …

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