Negotiations on how to restructure Greece’s oversized sovereign debt unexpectedly collapsed on Friday, increasing the likelihood that Athens will become the first government of a developed economy to default on its debt in over six decades, the Financial Times reports. Lead negotiators for holders of Greek government bonds wrote in a statement that not all parties could agree on the latest offer made by Athens. The note is believed to be a reference to the fact that a proposed second Greek bailout worth $130 billion would require Greek bondholders to accept losses amounting to well over 50 per cent of the face value of their bonds.