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German Chancellor Angela Merkel stated she would like to do everything in her power to prevent a Greek exit (Grexit) from the eurozone, as she held a press conference in Berlin with Prime Minister of Luxembourg Xavier Bettel, Tuesday. Merkel's comments come as the possibility of a Greek default and exit from the European single currency has heightened. Greece is resisting calls from the institutions (formerly referred to as the Troika - comprising of the IMF, EU and ECB) to maintain austerity policies, with the ruling Syriza party winning a popular mandate to break with the policies. Also on Tuesday, Greek Prime Minister Alexis Tsipras stated that the IMF has a "criminal responsibility" for the Greek situation. He further stated that the negotiations are being used as means to "humiliate Greece", stating that the call for further cuts is politically motivated. Since Syriza's election, Greek authorities and the institutions have been negotiating for five months to unlock the €7.2 billion ($8bn) of rescue funds it needs to pay the IMF. The bailout extension ends on June 30. If Greece fails to meet the deadline, it faces default and exit from the eurozone.

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