World

Greece: Market tumbles after IMF pulls negotiators out of bailout talks citing no progress

  • Greek Prime Minister Alexis Tsipras looks at his watch as he departs the EU-CELAC summit in Brussels on Thursday, June 11, 2015. Greek Prime Minister Alexis Tsipras continued his diplomatic offensive on Thursday to try to convince European creditors to pay out the bailout loans the country needs to avoid default. (AP Photo/Geert Vanden Wijngaert)

    Greek Prime Minister Alexis Tsipras looks at his watch as he departs the EU-CELAC summit in Brussels on Thursday, June 11, 2015. Greek Prime Minister Alexis Tsipras continued his diplomatic offensive on Thursday to try to convince European creditors to pay out the bailout loans the country needs to avoid default. (AP Photo/Geert Vanden Wijngaert)  (The Associated Press)

  • Greece's Prime Minister Alexis Tsipras waves to the crowd at the state broadcaster ERT following its re-launch after two years in Athens on Thursday, June 11, 2015. Greece's public television has resumed operations under its old ERT name, and is proposing to rehire all staff fired in a cost-cutting as International creditors sent Tsipras home from a summit Thursday with a clear message: swiftly tone down your demands in the bailout talks over the next week or face financial ruin. (AP Photo/Thanassis Stavrakis)

    Greece's Prime Minister Alexis Tsipras waves to the crowd at the state broadcaster ERT following its re-launch after two years in Athens on Thursday, June 11, 2015. Greece's public television has resumed operations under its old ERT name, and is proposing to rehire all staff fired in a cost-cutting as International creditors sent Tsipras home from a summit Thursday with a clear message: swiftly tone down your demands in the bailout talks over the next week or face financial ruin. (AP Photo/Thanassis Stavrakis)  (The Associated Press)

Stark warnings to Greece over its stalemated bailout talks have sent the Athens Stock Exchange sharply down, with the main index tumbling 3.8 percent minutes after opening Friday.

The International Monetary Fund took the toughest stance, saying Thursday its negotiators returned to Washington as there had been no progress in talks and major differences remained in key issues. Earlier, European Union President Donald Tusk had warned Greece there was "no more time for gambling."

Greek officials have sounded optimistic for a deal by the end of the month, when its 240 billion euro bailout expires and it loses access to the rescue loans it desperately needs to repay debts and avoid a default that could force it out of the euro. But its creditors have dampened those hopes.