German Chancellor Angela Merkel said on Thursday a deal between Greece and its creditors was still possible if Athens showed the necessary will, amid mounting pessimism that the austerity-hit country might crash out of the euro zone.
Neither side has shown any sign of yielding, with creditors insisting it is up to Greece to make concessions to secure a cash-for-reforms deal so the government can honor looming debt repayments and avoid a potentially disastrous default.
Far from giving ground, Greek Prime Minister Alexis Tsipras launched a new attack on the lenders in an article in a German newspaper, slamming what he called their “blind insistence” on pension cuts he said would worsen his country’s crisis.
The leftist leader began a two-day visit to Russia to attend an economic forum in St. Petersburg as euro zone finance ministers gathered in Luxembourg to discuss the impasse. Given that Athens ruled out bringing new proposals to the discussion, hopes for a breakthrough at the meeting have all but vanished.