SPX close to fall as Greek debt crisis talks between Greece and EU-IMF creditors 'go backwards' as default looms
Greece and its EU-IMF creditors have failed to break the deadlock at emergency talks on a bailout deal, raising fresh fears of a default by Athens that could send it crashing out of the euro.
But there were few smiles among the finance ministers after their talks broke up, with sources saying they were likely to meet again on Saturday, which would be their eleventh set of talks since the stand-off began.
The creditors have insisted on reforms to pensions and value added tax (VAT) as well as cuts to defence spending before they release any of the remaining 7.2 billion euros ($10.4 billion) in Greece's 2012 bailout fund.
Differences between the two sides were so wide that despite two days spent to strike a compromise, EU-IMF creditors and Greece admitted failure and tabled rival reform plans to worried eurozone finance ministers.
Athens has also warned any accord would need to be approved by parliament before June 30, which risks splitting Mr Tsipras's Syriza party, where many on the left wing view him as reneging on campaign promises.
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