Greek PM Alexis Tsipras was talking at a conference in Athens late yesterday

  • will not cross its red lines in negotiations just because time is pressing close for a deal

"Those who think that our red lines will fade as time goes on would do well to forget it. I want to assure the Greek people that there's no way the government will back down on the issue of pension and wage cuts. A deal must be reached but it must be mutually beneficial".

Tsipras will address the standoff in bailout negotiations on the side lines of a meeting of European Union leaders to be held May 21-22 in Riga, Latvia, according to a Greek government official who asked not to be identified as the diplomacy is not public.

The choice between third bailout or Grexit looms ever closer/inevitable but we can expect some more can-kicking for a while yet

Bloomberg has more here

Have a great week-end out there everyone