(NaturalNews) The central bank of the cash-strapped Greek government has signaled that the country is liable to default on bailout loans issued by the International Monetary Fund and the European Central Bank by the end of June, thereby crashing out of the euro and perhaps seizing private bank accounts in the process.
As reported by the UK’s Independent, European finance ministers are scrambling to develop contingency plans in case the Greek government makes good on threats to default if no agreement is reached to either downgrade the debt or extend payment options. Greek officials have not signaled a willingness to simply make the next payment, which is due at the end of June.
Athens is scheduled to repay €1.6 billion to the IMF on June 30, but it will be unable to do so unless its creditors release a €7.2 billion bailout payment before then, the paper noted.
In the meantime, talks between Greece and its EU and IMF creditors regarding a “cash-for-reforms” deal have fallen flat. The Greek prime minister, socialist Alexis Tsipras, has accused the nation’s creditors of “pillaging” the country for the past half-decade