Juha Sipila told reporters, "the situation is tough and the timetable is tight. One could say that it needs a miracle to have this issue solved next week… But that is still the aim for everybody."
Despite a collapse in the bailout talks, Greek Prime Minister Alexis Tsipras is sticking to his hardline stance — and so are the creditors. Athens says it will not give into demands for more austerity measures targeting pensioners and workers in return for $8.1 billion (€7.2 bn) in rescue funds.
Meeting earlier with MP Ms. Bakoyannis regarding the latest developments. #Greece pic.twitter.com/N1wXSsqmTx
— Alexis Tsipras (@tsipras_eu) June 16, 2015
This leaves Greek open to defaulting on its $1.7 billion (€1.5 bn) debt to the International Monetary Fund (IMF).
Tspiras Stays Tough
Meanwhile, Tsipras remains defiant. The Financial Times reports that he told Syriza party MPs that the proposed austerity measures are "humiliating for our people" and warned them that Greece's biggest battles with its party leaders "still lie ahead and we must be ready to fight."
And Tsipras added that IMF bears "criminal" responsibility for 5-year disaster. Fresh case for DSK?
— A Evans-Pritchard (@AmbroseEP) June 16, 2015
News that Alexis Tsipras doesn't intend to repay the IMF loan by the end of June unless he has a deal that he can work with has pushed European markets to its lowest level in four months. Finnish Prime Minister Juha Sipila also told reporters that "several countries have mentally prepared" for the "possibility of [Greek] insolvency".
"We inherited a country that had been reduced to a debt colony. We refuse to continue to act against our people's interest." @tsipras_eu
— Alex Andreou (@sturdyAlex) June 16, 2015
Greek workers are expected to gather simultaneously in Athens and Thessaloniki on Wednesday, June 17 demanding that the government takes "not one step back," giving into the austerity measures imposed by the country's creditors.
Eurozone finance ministers are to hold a meeting on Thursday to review the situation — the same day Tsipras travels to Russia to attend the St Petersburg International Economic Forum.
