Eurozone finance ministers are meeting in a desperate bid to find a solution to the Greece debt crisis amid deadlock between Athens and its creditors.
Greece faces default if it fails to make a €1.6bn (£1.1bn) IMF debt repayment by Tuesday.
But, as Europe’s leaders arrived for a Brussels summit, Germany’s Angela Merkel warned talks were going nowhere.
Top-level negotiations between Greece’s prime minister and international lenders ended earlier without a deal.
“We still haven’t made the necessary progress; in some places it looks like we’re even going backwards,” Chancellor Merkel told reporters.
If Greece does default, it could exit the eurozone, with possible repercussions for the rest of Europe and the world economy.
Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece.
European Council President Donald Tusk was a little more upbeat, but appeared to base his optimism on instinct: “I have a good hunch that unlike in Sophocles’ tragedies this Greek story will have a happy end.”
via BBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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