Finnish FinMin Says Eurogroup Hit Dead End on Greek Talks

Greek bailout negotiations have hit a dead end, Finnish Finance Minister Alexander Stubb told CNBC after Athens and its creditors failed to clinch a deal during a Eurogroup meeting in Luxembourg on Thursday.

“I think we’ve come pretty much to a dead end. We’ve been trying to find a solution for a long time,” Stubb told CNBC. “The ball has been firmly in the Greek court ever since the beginning and I think it continues to be there,” he said.

Euro zone leaders are set to hold an emergency summit on Monday to “urgently discuss the situation of Greece at the highest political level” after Thursday’s meeting yielded no progress, with both sides refusing to compromise over what reforms Greece should make in exchange for more aid.

The emergency summit comes just eight days before Athens needs to make a crucial 1.6 billion euro ($1.8 billion) payment to the International Monetary Fund (IMF) in order to avoid a possible default.

As the deadlock continues, there appears to be less of a will among euro zone finance ministers to keep Greece in the euro zone compared with a few months ago.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza