Greece Not Credible, Not Serious

Jeroen Dijsselbloem, the Dutch finance minister who chairs the Eurogroup, said about yesterday's failed meeting:

“too little measures have been put forward that have been assessed to be credible or serious.”

Christine Lagarde has confirmed that there will be no grace period, and that 30 June is the deadline for Greece's Euro1.6BN payment to the IMF.

There will be an emergency Eurozone leaders' summit on Monday. Disregarding any false hopes that this will undoubtedly raise, it is clear that capital controls are coming and that Greece will default and exit the eurozone.