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.
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