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Daily Telegraph:

Europe tells Greeks to prepare for 'state of emergency' as talks collapse in acrimony

• Greek markets tank 6.5pc

• Draghi: ECB provided €116bn for Greece, 66pc of GDP

• Oettinger: EU must be prepared for Greek state of emergency

• German parliament warns they need deal before June 30

Bloomberg

Greece and its creditors swapped recriminations over the breakdown of bailout talks, each side hardening its position after attempts to bridge their differences collapsed.

With markets dropping, Prime Minister Alexis Tsipras portrayed Greece as the torchbearer of democracy, standing firm against creditors’ demand for pension cuts. European Commission spokeswoman Annika Breidthardt said that account of the creditors’ position was a "gross misrepresentation of facts."

"One can only read political motives in the creditors’ insistence on new cuts to pensions after five years of plundering them under the memorandum," Tsipras said in a statement to Efimerida Ton Syntakton newspaper on Monday. "We will wait patiently for the institutions to move toward realism."

The euro dropped after the European Commission said negotiations in Brussels had broken up after just 45 minutes on Sunday because of the chasm separating the sides. The focus now shifts to a June 18 meeting of euro-area finance ministers in Luxembourg. Officials have focused on that as a make-or-break session for Greece’s ability to avert default and stay in the currency union.

Zerohedge matiza un poco:

Just as we hinted earlier when we reported that the ECB may use the "nuclear option" on Wednesday and yank Greek ELA, here comes German Suddeutsche Zeiting with a report that Eurozone countries have reached a Greek emergency plan (yay)... which calls for the imposition of capital controls on Greece if no deal is concluded by the weekend (oh no).

From SDZ (via Google translate):

The euro partners have agreed in the face of the solidified negotiations with Greece on a contingency plan for Athens. This became known on Monday in Berlin and Brussels. It stipulates that creditors want to give the Greeks initially another chance and wait to see if by the end of the week it is possible to Euro finance ministers to agree with the government in Athens to the corners to meet the current emergency program. The ministers meet Thursday and Friday in Luxembourg.

Elapses this deadline without agreement, to be convened without further delay a special meeting of heads of state and government in Brussels. In an interview for this is Friday night. At the special summit a political solution should be sought again. French President Francois Hollande warned on Monday against the failure of the negotiations. The deadlines were extremely short. "I have often said: caution, we now come in a period that can be turbulent, if no agreement is found," he said during a visit to the air show in Le Bourget near Paris.

Via Bloomberg:

EURO-ZONE COUNTRIES READY CAPITAL COUNTRIES FOR GREECE: PAPER

CAPITAL CONTROLS TO BE READIED FROM COMING WEEKEND: PAPER

EURO-ZONE COUNTRIES REACH GREECE EMERGENCY PLAN: SUEDDEUTSCH