The Greek debt crisis remains at an impasse after talks with eurozone finance ministers failed to reach a solution. The Greek government and European creditors are at odds over a deal before Greece’s current bailout expires at the end of month. The Greek government has rejected European demands for further pension cuts in exchange for a new loan to help Greece meet its obligations. The eurozone has rejected Greece’s latest proposals, including one that would create a panel to oversee Greece’s reforms. IMF chief Christine Lagarde ruled out any extension of Greece’s loan payment due at the end of the month.

Christine Lagarde: “So, on that particular issue, timeline: 30th of June is the day when the lump sum payment is due to the IMF, and there is no grace period or two-month delay, as I have seen here and there. On July the 1st, payment’s not been made.”

A new meeting of eurozone leaders will be held next week. The Greek finance minister, Yanis Varoufakis, urged creditors to drop demands that he said would burden Greece’s most vulnerable citizens.

Yanis Varoufakis: “So, there is no doubt the Greek government is utterly committed to adjusting further. We desperately need these deep reforms, but I urged my colleagues in the Eurogroup to take seriously under consideration the great difference between, on the one hand, reforms that attack parasitic, rent-seeking behavior and inefficiencies and, on the other hand, parametric changes that simply jack up already high tax rates and reduce benefits to the weakest.”