Greece, IMF at odds over debt repayment

BRUSSELS, June 12 (UPI) -- International Monetary Fund representatives walked out during debt negotiations in Brussels with Greece, after criticism of Greece from the European Union president.

Greece's repayment of a Eurozone bailout of 245 billion Euros ($276.6 billion) is due by June 30, as is a 1.6 billion Euro ($1.8 billion) transfer to the International Monetary Fund, which Greece will be unable to pay unless it receives more aid.

Diplomacy evaporated during negotiations Thursday, as IMF representatives angrily left a meeting with Greek representatives, and European Union (EU) President Donald Tusk reprimanded Greek Prime Minister Alexis Tsipras for stalling on the repayment of the debt, used to finance a six-year-long economic crisis which has included an unwillingness to adopt austerity budgets.

European parliaments have insisted on the IMF's involvement for any assistance for Greece, and if the IMF chooses not to involve itself in future bailouts, efforts to keep Greece in the Eurozone of Euro currency countries will be hampered.

At the meeting, Greece was given 24 hours to prepare proposals to pay its loans.

"There are major differences between us in most key areas," said IMF spokesman Gerry Rice. "There has been no progress in narrowing these differences recently. Thus, we are well away from an agreement. The ball is very much in Greece's court right now," he said.

"The day is coming, I'm afraid, that someone says the game is over. We have no more time," Tusk said. Stocks fell immediately on Greek exchanges, and Friday the New York Stock Exchange was down 130 points.

"The key component is, with what's happening in Europe, we should probably be nervous how this Greece situation turns out," Art Hogan, chief market strategist at Wunderlich Securities, told CNBC.