Despite Looming Payments, Athens Refuses To Be Blackmailed

After months of back and forth between EU leaders and Greek officials, there has been no progress on an agreement that will unlock the next installment of Greek bailout funds.

Many worry that the lack of compromise will cause Greece to default in the coming days, especially as the two sides appear to be locked in a dangerous game of financial chicken.

Take It Or Leave It

This week, Greece's creditors met in Germany in order to come up with a final reform proposal that will release fresh funding to Athens. The proposal, due to be reviewed in Greece on Wednesday, is what the lenders say is their last effort to make a deal with the Syriza-led government regarding financial aid.

After creating the proposal, EU officials warned that they won't budge any further and that Athens must accept the offer as-is or risk default and an exit from the currency union.

Related Link: Deutsche Bank Breaks Down Greece's Possible Futures

Greek Resolve Remains Strong

However, Greek officials appeared to be unfazed by the sharp tone their creditors have taken. Syriza parliamentary spokesman Nikos Filis remarked that the government won't sign something that goes against its anti-austerity platform and that such an ultimatum would not be accepted.

Ahead of the EU proposal, Greece submitted its own reform plans, which Prime Minister Alexis Tsipras said reflects the most concessions the nation is prepared to make.

What's Next?

The fate of Greece appears to be becoming increasingly uncertain as the nation's loan repayment deadlines approach.

Many believe that Greece will bundle its four IMF repayments in order to push back Friday's payment deadline, but the nation has taken no steps to do so just yet. It remains to be seen whether or not Greece will eventually give in and accept the austerity measures required by its creditors; however, for the moment, the nation appears to have dug in despite the rising stakes.