by Calculated Risk on 6/14/2015 07:15:00 PM

Looking grim. The Germans do not understand there is a limit to the cycle of more austerity, and more economic depression ... eventually, in a democracy, the people will say "no".

From the Financial Times: Greek default fears rise as ‘11th-hour’ talks collapse

“Greek movement [is] not discernible,” said a senior eurozone official. “I think they do not want a solution.”
...
[I]f Europe wants a split and the humiliation to continue, we’ll take the decision to say no, a big no, and we’ll fight for the dignity of our people and our national sovereignty.” [said Greek prime minister Alexis Tsipras, ]
excerpt with permission

From Reuters: Greece and creditors fail in 'last attempt' to reach deal

European Union officials blamed the collapse on Athens ... Greece retorted it was still ready to talk ...

"This is very disappointing and sad. It was a last attempt to bridge our differences but the gap is too large. One can discuss a gap, but this is an ocean," said a person who was close to the talks.
...
Following what it called this "last attempt" at a solution, the EU's executive Commission said euro zone finance ministers would now tackle the issue when they meet on Thursday.