[Ed. – Kind of a placeholder here, but the deadline is looming, and there are no clear indicators as to how this one will turn out. A year ago, the best bet would have been that Merkel would find some way to keep paving the bridge to nowhere. Today: no. For my money, Russia wants to be Greece’s savior, but with Greece still firmly in the euro, and Europeans still invested — giving Moscow a stakeholder’s veto in European policies. We’re closer to that outcome than we’ve ever been.]
Greece and its EU-IMF creditors failed to break the deadlock in emergency talks on Thursday to reach a bailout deal, raising fresh fears of a default by Athens that could send it crashing out of the euro.
Eurozone finance minister talks which had been supposed to pave the way for EU leaders to sign an accord at a summit in Brussels broke up abruptly with no agreement on a Greek financial reform plan.
Marathon meetings between leftist Prime Minister Alexis Tsipras and the heads of the European Commission, European Central Bank and International Monetary Fund, Greece’s main creditors, also ended with no deal.
“We have not made the necessary progress. In some areas one even gets the impression that we have moved backwards,” Germany’s hardline Chancellor Angela Merkel told reporters.