Greece appears to have taken yet another step closer to an apocalyptic default after its political leaders missed the latest deadline on harsh bailout terms.
Patience in Brussels and among the debt stricken country’s other lenders, particularly in Germany, is wearing thin. Chancellor Angela Merkel turned up the heat on Monday, saying Athens had to come to terms with the “troika” of lenders – the European Commission, European Central Bank and the International Monetary Fund.
Talks in Athens are set to continue, but so far Greek premier Lucas Papademos has been unable to convince other political parties to agree to yet more austerity.
Greece has been told it must implement more deeply unpopular cuts in exchange for a second 130 billion euro bailout ahead of a crucial government bond auction on March 20.
To get more insight on the current political and economic situation in Greece euronews spoke to Janis Emmanouilidis from the Brussels based think tank European Policy Centre.