Playing Hardball: Germany Now 'Taking Advice' on Possible Grexit

German tabloid newspaper Bild has revealed that Chancellor Angela Merkel is "taking advice" over what Germany will need to do if Greece goes bankrupt. An anonymous diplomatic source told the newspaper that "the Chancellor also knows now that we've run out of time."

Meeting with Chancellor #Merkel and President @fhollande. #Greece pic.twitter.com/M4H9UdIQaQ

— Alexis Tsipras (@tsipras_eu) June 10, 2015

Time isn't on the side of Greek Prime Minister Alexis Tsipras who has been accused of delaying negotiations with Brussels on a deal to unlock bailout money in return for implementing more austerity measures.

However, it's not time but patience that the International Monetary Fund (IMF) has run out of.

The IMF dramatically walked out of talks in Brussels on Thursday citing "significant differences" with the Greek authorities. Gerry Rice, spokesman for the IMF said there were "major differences" between both sides. 

"There has been no progress in narrowing these differences recently and thus we are well away from an agreement."

But the IMF isn't walking away completely. 

But European Commission President Jean-Claude Juncker has said the talks between Athens and its creditors will restart — putting the ball in the Greek government's court. Juncker told French radio:

"A deal is necessary in the coming days; the ball is in the Greek court."

But it appears the Greek Prime Minister needs to be able to juggle the ball between the promises he made to the Greek citizens, vowing to end austerity measures — and to the 77.4 percent of the people who want to remain in the European Union, which is only possible if Athens agrees to Brussels' demands to impose more austerity measures.

IMF’s Rice on Greece: major differences remain, but we stand ready to resume talks. Watch the press conference http://t.co/ihfKCpt2Jq

— IMF (@IMFNews) June 11, 2015

And if demands for more austerity are not met by Athens to stop the country defaulting on its debt, the risk of a Grexit increases every minute.

Responding to the rhetoric from EU leaders, the Greek government has released an official statement, saying Athens is ready to intensify talks with its creditors on a political level and described the walkout by the IMF from the talks in Brussels as a pressure tactic.