The third high-level talks in as many days have failed to broker an agreement between Greece and its creditors in the European Union.

Finance ministers from member Eurozone nations ended the sometimes hostile meeting without agreement. The three creditor institutions (the European Central Bank, the International Monetary Fund, and some Eurozone countries), put forward a ‘final’ cash-for-reform proposal.

But Greek Prime Minister Alex Tsipras rejected them saying he would never allow Greece to be blackmailed by its creditors.

Angela Merkel, Chancellor of Germany (one of Greece’s biggest creditors) was disappointed with Greece’s refusal to move on its position. She accused the Greeks of being ‘regressive’ and echoed Mr Tsipras’s own words saying she would not be ‘blackmailed’ by the debtor’s demands.

Greek Minister for Finance, Yanis Varoufakis, was still optimistic about reaching some middle ground. But he agreed with his leader that Athens stood by its previous proposal. Being drawn into further concessions would only continue the suffering of the Greek people, he believed; and they have already suffered enough.

Jeroen Dijsselbloem, the Eurogroup Chairman, was just as hopeful and just as inflexible. He said, “The door is still open for the Greek side to come with new proposals or accept what  is on the table.”

With talks seemingly at a standstill the Greek nation is only a few days away from an historic default on its loans. Greek citizens are apparently preparing for the worst as they withdraw what money they have from the banks and ready themselves for harsh capital controls.

Should Greece default on its loan repayment it may trigger an exit from the European Union. Something which contradicts the founding principle: that membership is irrevocable.

In breaking news: Prime Minister Alex Tsipras has announced a July 5 referendum to decide on the controversial bailout deal.

He described the offered plan as a ‘humiliation’ and condemned the specific austerity measures as ‘unbearable’ in a televised address.

A week ago Mr Tsipras promised there would never be a referendum or vote on the offers put forward by the Troika creditors; he appears to have broken this promise.

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