Strictly Confidential: Read IMF leak that predicts Greek default in June

Official accounts point to positive negotiations between Greece and its international creditors from the European Commission, European Central Bank and International Monetary Fund. Behind the scenes things may be a little different as memo on Greece, leaked to Channel 4, states that “serious disagreements and contradictions between the IMF and European Union” are “creating obstacles in the negotiation and high risks.”

The report, composed by IMF staff on May 14, states that Greece is running out of cash and talks with creditors have been deadlocked with the possibility of a default in June possible. The European Council meeting of EU leaders in Riga is viewed as the last chance for a deal before the country defaults on its IMF payment in early June. “There will be no possibility for Greek authorities to repay the whole amount unless an agreement is reached with international partners,” says the report.