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The Greek Prime Minister Alexis Tsipras should consider "backing down on some of his demands" if that's what it takes to reach an agreement with the Eurogroup, economist Christopher Pissarides stated in St. Petersburg on Thursday. Greek Finance Minister Yanis Varoufakis travelled to Luxembourg to negotiate with Greece's three lenders, International Monetary Fund (IMF), European Union and European Central Bank (ECB), in a last attempt to prevent the country from defaulting. However the parties failed to reach an agreement and the IMF has previously made it clear that there will be no grace period if Greece cannot make the agreed repayments. According to Pissarides a Grexit, the term coined for Greece's potential exit from Europe, would be "disastrous", especially for ordinary Greek people. The 19 Eurozone leaders will meet for an emergency summit in Brussels on Monday to find a solution for the Greek debt crisis. The Greek government and the troika remain in deadlock over the last installation of €7.2 billion ($8.1bn) in rescue funds. Greece still owes 1.6 billion euros ($1.8 billion) to the IMF, which is due to be repaid at the end of June.

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