Greece and its lenders have been gridlocked in talks over its €240-billion debt for about six months. Fears of Greece defaulting are causing a run on the banks, with people withdrawing record amounts of deposits. RT will report on the latest developments. The EU could easily give Greece debt reduction or even cancel it, Richard Wolff, Professor of Economics, University of MA, told RT. [...]

A wing of Greece's anti-austerity Syriza party is eyeing a plan to default on government debt and replace the euro with its own national currency in case negotiations on a bailout with its creditors fail, media have reported. The plan envisions a default similar to the one implemented by Iceland during the 2008 financial crisis, along with the nationalization of the Greek banking system. [...]

International Monetary Fund representatives have cut short negotiations with Greek officials in Brussels, after they failed to present a viable reform plan. The move has left Athens, due to repay €1.6 billion by the end June, on the edge of default. “The ball is very much in Greece’s court,” IMF spokesman Gerry Rice told the media during a specially scheduled announcement, before his te [...]

A fundamental problem for Greece is that at the end of the day it wants to be in Europe but doesn’t want to have austerity policies, Mark Blyth, professor of political economy at Brown University, told RT’s “In the Now.” Greece has delayed its IMF debt payment until the end of June. [...]