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EU summit cancelled as Greece debt talks continue in the eurozone

Eurozone finance ministers are pursuing crisis talks on Greece but with Saturday’s discussions proving difficult, the planned Sunday summit of all

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EU summit cancelled as Greece debt talks continue in the eurozone

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Eurozone finance ministers are pursuing crisis talks on Greece but with Saturday’s discussions proving difficult, the planned Sunday summit of all European Union member states has been cancelled.

The move was announced by The President of the European Council, Donald Tusk.

The European Commission realises, it seems, that there is no immediate prospect of a political green light to negotiate another bailout from the European Stability Mechanism.

“As you saw, discussions were quite complicated so we hope for more progress today,” European Commission Vice-President Valdis Dombrovskis told reporters as he arrived for the resumed talks in Brussels.

“I think it is relatively unlikely that the European Commission will get a mandate to start formal negotiations as regards a third programme or ‘SM’ programme today.”

Talks so far have stalled on a lack of trust between Athens and some of its eurozone partners, who see Greece’s revised reform proposals as too little, too late and doubt they will be put into practice.

The result is that the country’s fate in the eurozone continues to hang in the balance.