Greece is on the brink of default after talks with its creditors collapsed. The breakdown in negotiations has heightened fears about the country’s future within the Eurozone and its ability to meet its financial obligations.

Key Issues in the Negotiations

The primary sticking points in the negotiations revolved around austerity measures demanded by the creditors, including:

• Pension reforms
• Tax increases
• Spending cuts

The Greek government argued that these measures would further cripple the economy and exacerbate the humanitarian crisis.

Potential Consequences of Default

A Greek default could trigger a series of events, including:

• Capital controls
• Bank closures
• A potential exit from the Eurozone

The broader implications for the European economy remain uncertain, but analysts warn of potential contagion effects.

Next Steps

Despite the collapse of talks, some officials are still exploring last-minute options to avert a default. However, time is running out, and the prospect of a Greek exit from the Eurozone is becoming increasingly real.