http://www.bloomberg.com/news/articl...most-key-areasThe IMF said that its team negotiating with Greece has left Brussels after failing to make progress on a debt deal that would help the country to avoid default.
“The ball is very much in Greece’s court,” International Monetary Fund spokesman Gerry Rice told reporters at a media briefing in Washington on Thursday. “There are major differences between us in most key areas. There has been no progress in narrowing these differences recently,” he said.
IMO, the intransigence of the current Greek government is astounding, especially when one considers the magnitude of support Greece has been receiving from the European Union, European Central Bank, and International Monetary Fund. The enormous ongoing support Greece has been receiving was noted by Standard & Poor's in its downgrade of Greece's credit rating. In part, the S&P press release explained, "The European Central Bank (ECB) is currently providing financing to Greece’s banks and economy at a level exceeding 60% of GDP."
The full story about the credit rating revision can be found at: S&P DOWNGRADES GREECE, WARNS IT'LL LIKELY DEFAULT WITHIN 12 MONTHS - Business Insider