Greece Heads for Showdown

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from The Wall Street Journal,

Comments come the day after talks between the two sides in Brussels fell apart.

Greek Prime Minister Alexis Tsipras on Monday insisted his country’s creditors soften their demands for pension cuts, while French President Francois Hollande warned Athens that it was wasting time.

The lack of progress in negotiations has raised fears of a default on Greece’s debt and a possible exit from the currency bloc. The two sides have failed to bridge major differences on a set of reforms Greece has to undertake in exchange for desperately needed financial aid, with the country’s lenders pushing for more pension cuts and labor reforms.

Time is ticking before the eurozone portion of Greece’s €245-billion ($275-billion) bailout expires June 30, the same day Greece faces a €1.6 billion payment to the IMF.

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