The Telegraph’s article, titled “Greece accuses Europe of plotting regime change as creditors draw up ultimatum”, focuses on Greek prime Minister Alexis Tsipras’ accusations that Europe’s creditor powers are trying to subvert Greece’s elected government “after five years of ‘pillaging’ warning in solemn terms that his country will defend its sovereign dignity whatever the consequences.”

Tsipras’ defiant stand came as the European Commission warned that the country would collapse into a “state of emergency” unless a deal to avert a financial crash is reached. Germany’s EU Commissioner Guenther Oettinger has called for urgent plans to cope with social unrest in Greece and a break-down of energy supplies and medicine as soon as July.

Tsipras terse response was a call on EU institutions and the International Monetary Fund to “adhere to realism” while pointing to “political motives” in demanding further pension cuts. “We are not only carrying a historic past underlined with struggles carrying our people’s dignity as well as the aspirations of all Europeans. We cannot ignore this responsibility. it has to do with democracy,” he said.

The Greek side is furious with creditors demands of further cuts in pensions. One Radical Left Coalition (SYRIZA) MP told the Telegraph: “We are all horrified by the idea of surrender, and we will not allow ourselves to be throttled to death by European Monetary union.” There is a suspicion in Athens that creditors are deliberately engineering a Greek political crisis at a time when Germany is hardening its mood.

Key dates for Greece

June 16

IMF loan repayment of 573 million euros

June 18

Eurogroup meeting in Luxembourg

June 19

* IMF loan repayment of 343 million euros due

* Payment of 85 million euros to the ECB for bonds bought by the central bank

* European Union finance ministers meeting

June 25 + 26

EU leaders summit

June 30

* Greece due to pay 1.5bn wage and pensions bill by the end of the month

* Greece’s current bail-out deal expires