Greek crisis deepens amid debt talks deadlock

Greek crisis deepens amid debt talks deadlock
June 25, 2015 - 16:49 AMT

PanARMENIAN.Net - Urgent talks between Greece's Prime Minister, Alexis Tsipras, and the country's international lenders have ended without agreement on how to solve its debt crisis, officials say, according to BBC News.

Eurozone finance ministers, who had been due to finalise a deal, will now discuss a plan proposed by creditors.

Greece's Yanis Varoufakis will attend and argue Athens' counter-proposal.

Time is running out to secure a deal. Greece must repay a €1.6bn IMF loan by next Tuesday, July 2 or face default.

That could lead to Greece exiting 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.

The crisis threatens to overshadow the EU summit opening on Thursday afternoon.

Photo: UPI
Related links:
BBC. Greece debt talks: Crisis deepens amid deadlock
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