Tuesday newspaper round-up: Greece, Morrisons, Labour

According to the Financial Times, Greece is preparing for a debt default if it can't reach a deal with creditors by the end of the month. A government official was cited as saying: "We have come to the end of the road […] If the Europeans won't release bailout cash, there is no alternative [to a default]."

Morrisons has announced the exit of Casper Meijer, its trading director, leaving just three senior managers who worked for the grocer under former boss Dalton Philips, The Times said.

The CBI has warned that a Labour government would introduce "quick fixes" and interventionist policies that could hamper job growth and undo the Coalition's work to make the UK more competitive, The Telegraph reports.

Consumer products giant Procter & Gamble is laying the groundwork for chief executive A G Lafley to step down as soon as this summer, writes The Wall Street Journal.

The head of Gazprom has warned that Europe could face higher natural gas prices if Brussels presses on its effort to reduce Russia's power in the market, according to The Wall Street Journal.

A survey by Deloitte has revealed that company finance chiefs are fearing possible policy shake-ups following the elections that could put the economic recovery at risk, along with the potential for an EU referendum, writes The Guardian.

"The challenges of drilling for oil in the Falklands were underlined yesterday", writes The Times, as AIM-listed Argos Resources agreed a farm-out deal to exit from asset in the seas north of the islands.

As speculation continues about a possible £1bn sale of Travelodge, the budget hotel chain revealed a 63.5% surge in profits for 2014 to £66.2m, reports The Scotsman.