Greece draws up drachma plans, prepares to miss IMF payment

‘We are a Left-wing government. If we have to choose between a default to the IMF or a default to our own people, it is a no-brainer,’ says senior Greek official

Greece is drawing up drastic plans to nationalise the country’s banking system and introduce a parallel currency to pay bills unless the eurozone takes steps to defuse the simmering crisis and soften its demands.

Sources close to the ruling Syriza party said the government is determined to keep public services running and pay pensions as funds run critically low. It may be forced to take the unprecedented step of missing a payment to the International Monetary Fund next week.