As a crucial date approaches for Greece to make a major debt payment, the markets are yet again weighing the possibility that the country could actually default on its loans.
Such an outcome — a decision by the Greek government not to pay its creditors — has generally been seen as remote, even since the left-wing Syriza government came to power in January.
But now, after months of bitter, inconclusive negotiations over the austerity measures Greece would have to impose to secure desperately needed cash from Europe, Greek government officials are grappling with very limited options for handling their cash squeeze.
On April 9, Greece must pay 458 million euros, about $503 million, to the International Monetary Fund, a date and sum that in recent weeks have come to loom large for investors, many of whom worry how the markets would absorb a messy Greek default.
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