The debt-stricken country has confirmed it will go bust on June 5 if it doesn't receive a loan from EU creditors. That is the date Greece is due to make a €1.5billion (£1.07billion) repayment to the International Monetary Fund (IMF), said parliamentary speaker Nikos Filis.
The leftist-government desperately needs a pending loan of a €7.2billion (£5.6billion), but will only get the cash if it agrees to make labour and pension reforms that it has so far resisted.
Both sides have a lot to lose if Athens is allowed to default. Greece is likely to descend into economic and political chaos. But the aftershock will be felt across Europe, though the IMF and Germany have both said they have drawn up plans to deal with such a scenario.

bbabo.Net