“While some progress was made, the talks did not succeed as there remains a significant gap between the plans of the Greek authorities and the joint requirements of the [European] commission, European Central Bank and International Monetary Fund,” read a European Commission statement. It added that talks would resume in Luxembourg on Thursday when European finance ministers are expected to gather. 

The impact of the disagreement was clearly felt on the stock market Monday as rumors circulated that Greece would not be able to repay the $1.8 billion owed to the IMF by the month’s end. According to Reuters, U.S. stocks saw a 10 percent drop, which has not occurred since May 2011.

Over the weekend, a confidential proposal put forth by the Syriza party’s more radical wing was circulated, revealing plans “for an Icelandic-style default and a nationalization of the Greek banking system.”

The Telegraph reports:

“We are all horrified by the idea of surrender,” one Syriza MP involved in the draft told the Telegraph, “we will not allow ourselves to be throttled to death by European monetary union.”

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