Greece's Chances of Avoiding Default Getting Slimmer - German Finance Chief

German Finance Minister Wolfgang Schaeuble could not repeat his 2012 assurance that Greece will not default on its multibillion national debt, in an interview on Wednesday.

MOSCOW (Sputnik) — Speaking with the Wall Street Journal and French newspaper Les Echos, the German finance chief seemed to back away from the guarantee he made there years ago that Greece would neither default nor leave the Eurozone.

"I would have to think very hard before repeating this in the current situation," Schaeuble was quoted as saying by the Wall Street Journal.

This comes as Athens is locked in bailout talks with the Brussels group, comprising the European Commission, the European Central Bank, the International Monetary Fund and the European Stability Mechanism.

Greece's debt to its international lenders is estimated at $270 billion. It is running out of money fast and is due to repay a $1.6-billion installment to the IMF on June 5.

To secure the next tranche, Athens must agreed to a package of painful reforms to its financial and social systems, as well as promising to deliver a budget surplus. So far, these targets remain unmet. If no progress is made, the current bailout program will expire by the end of June 2015, leaving Greece with a default as its only feasible option.