Make-or-break talks between Greek and EU finance ministers collapsed last night after just three hours – with Athens rejecting the latest bailout offer as ‘absurd’.
The current bailout runs out in two weeks, and the EU had originally said Greece would have to demand an extension to the loan by yesterday.
But, following the collapse of the meeting in Brussels, European officials gave the newly elected radical Left government in Athens another three days, with the possibility of another meeting on Friday.
If no deal is reached, Greece will be unable to service its debt and could run out of cash, meaning it would not be able to pay its civil servants or fund pensions.
Economists have warned that this could see the country being forced out of the euro, which would spark a crisis in the eurozone and have damaging knock-on effects for the UK economy.
Read more: http://www.dailymail.co.uk/news/article-2956261/Greece-snubs-absurd-bailout-offer-EU-despite-just-two-weeks-Athens-runs-cash.html#ixzz3RzRcwNau
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