Talks between leaders of European Union member states are set to continue as the summit which was scheduled to be held today on the Greek debt crisis has been canceled at the last minute.
Eurozone finance ministers adjourned the talks last night and they have now resumed.
The BBC has reported that European Council president Donald Tusk said a meeting of Eurogroup leaders would go ahead at 14:00GMT and “last until we conclude talks on Greece”. Talks resumed at 9,00am today with the time and date for a final summit remaining undecided.
Without a deal, it is feared Greece could crash out of the euro. The BBC’s Jonny Dymond in Brussels says that rarely have EU meetings been cancelled at such short notice and with such a terse announcement.
Prolonged talks on Saturday had ended without agreement and Eurogroup leader Jeroen Dijsselbloem described negotiations as “very difficult” and Greek Prime Minister Alexis Tsipras has made his position clear that 60% of his electorate are in favor of non-repayment and no austerity programs.
“We have had an in-depth discussion of the Greek proposals, the issue of credibility and trust was discussed and also of course financial issues involved, but we haven’t concluded our discussions,” Mr Dijsselbloem, who heads the Eurogroup of finance ministers, told reporters. “It is still very difficult but work is in progress” he concluded.
With Mr. Tsipras adamant not to repay the debt owed to the European Central Bank and International Monetary Fund, yet equally determined that Greece remains in the European Union and Eurozone, a third bailout could prove to be a very large drain on the European economy, and indeed go the way of the existing amount owed.