Thousands rally in Athens to urge deal as default threat grows

The protest swelled as the latest talks in Luxembourg broke down after four hours, again failing to break the deadlock over the country's bailout plan. Demonstrators climbed the steps leading up to the Parliament, draping the walls with Greek flags and surrounding the ceremonial guard at its base.

"I'm here to support the cause of staying in Europe," said Spyros Kasimatis, 61. "The ripple effects would be disastrous, but it's difficult to explain this to the unemployed youth."

The crisis over Greek debt is coming to a head, with each failed negotiating session escalating the risk of default and exit from the euro. The government of Prime Minister Alexis Tsipras vows to reject any new bailout that doesn't ease the budget austerity that has crippled the economy, while creditors in the European Union and International Monetary Fund are demanding tighter policy to ensure that repayment continues.

Greece's financial lifeline will expire at the end of the month when it's due to repay about $1.7 billion to the IMF. EU leaders, who are due to hold an emergency summit to discuss the crisis on Monday, still say they want a deal to keep the country in the euro. But in recent days they've begun to warn that patience with Greek negotiators is running out.

The consequences of leaving the euro "would be absolutely catastrophic -- the worst since the Asia Minor Catastrophe," said Kasimatis, who's a history teacher, referring to the mass expulsion of Greeks from what is now Turkey after an unsuccessful invasion in the aftermath of World War I, Kazinform refers to Bloomberg.com.