Greece cannot pay the IMF the €1.6bn (£1.2bn) it owes, the government has admitted.
Speaking to Reuters, one of Greece’s top negotiators, Euclid Tsakalotos, said Athens was willing to make concessions, but would not cross any of its red lines, such as cuts to pensions. He said:
There is no financing. We haven’t got access to the markets, we haven’t got money that hasn’t been paid since the summer of 2014, so obviously we won’t be able to pay that.
Greece’s current deal for bailout funds runs out on 30 June, and it will not be getting any more aid if reforms are not agreed upon.
The meeting of the Eurogroup of finance ministers today is seen as the best chance for a deal, although an accord is not expected.
Asked if there could be an agreement today, Greek finance minister Yanis Varoufakis said: “I do not believe so.” But he added that reaching a deal quickly is “a moral duty”.