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ECOFIN meet in Luxembourg

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ECOFIN meet in Luxembourg


EU finance ministers are meeting in Luxembourg.It comes as talks on a debt-deal for Greece and the euro remain deadlocked.

Thursday’s meeting of Eurogroup ministers failed to reach a solution; an emergency summit of the 19 Eurozone leaders has now been called in Brussels next Monday.

Greece faces default on a 1.6 billion euro loan if there is no deal with its creditors within the next two weeks.

The uncertainty is making itself felt on the streets of Greece. Two billion euros have been withdrawn from the country’s banks this week alone, fueling talk of capital controls.

If Greece fails to find the cash in time, it risks having to leave the eurozone and possibly the EU.
Creditors the European Commission, the IMF and the ECB want to sign a cash-for-reforms deal.

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