Greece's international lenders failed for the second week running to agree how to get the country's debt down to a sustainable level and will have a third go in six days' time.
After nearly 12 hours of talks through the night during which myriad options were discussed, euro zone finance ministers, the International Monetary Fund and the European Central Bank failed to reach a consensus, without which emergency aid cannot be disbursed to Athens.
The IMF has so far refused to give Athens an extra two years to meet its debt target, while European governments led by Germany refuse to write off loans, two options which might make the targets easier to reach.
"We are close to an agreement but technical verifications have to be undertaken, financial calculations have to be made and it's really for technical reasons that at this hour of the day it was not possible to do it in a proper way and so we are interrupting the meeting and reconvening next Monday," Eurogroup chairman Jean-Claude Juncker told reporters.
- 2Ukraine Fighting Surges as Russian-Backed Forces Gain
- 2U.S. Stocks Rise, Poised for Best Month Since February
- 2Draghi dials R for Reform. Line is busy
- 2Euro Set for Seventh Weekly Decline as Regionâ€™s Inflation Slows | Top Forex Brokers
- 2Kiev says Russian troops have entered eastern Ukraine
- 2Pending home sales climb 3.3% in July to reach 11-month high
- 2U.S. Stocks Drop on Ukraine Conflict, Retailer Earnings
- 2Yen Gains on Haven Bid Amid Ukraine Tension; Euro Drops
- 2Dollar General says committed to Family Dollar deal
- 2Crisis deepens as Ukraine says Russian troops back rebel advance
Become Our Fan
apple asia stocks asian stocks australian dollar bernanke boj china dollar draghi ecb economy eur eur/usd euro euro zone europe stocks european central bank european stocks eurozone eurusd facebook fed federal reserve forex forex news forex trading fx gbp/usd gold google greece imf obama oil pound spain stock stock market stocks swiss franc u.s dollar u.s. dollar u.s. economy u.s. stock u.s. stock futures u.s. stocks us dollar usd wall street yen