IMF says it has major differences with Greece in key areas

IMF frustrated with Greece, says no deal close

From BBG: "The IMF said that its team negotiating with Greece has left Brussels after failing to make progress on a debt deal that would help the country to avoid default."

A spokesman for the IMF said there are major differences in most key areas and no progress in narrowing the differences.

This is a big red flag for negotiations and a good reason to sell the euro.

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The IMF says the main obstacles with Greece are around pensions, taxes and financing.

Bund yields are at the lows of the day as a flight to safety begins.

The German DAX immediately fell 1% on the headlines.

Here are the tweets from the IMF spokesman.