Greece crisis: Emergency summit called for Monday

An emergency summit of leaders from eurozone nations will be held on Monday, after the latest attempt to resolve the Greek debt crisis failed, the BBC reports.

A meeting of finance ministers on Thursday made no breakthrough.

Head of the Eurogroup, Jeroen Dijsselbloem, said that "too little" progress had been made and that "no agreement as yet is in sight".

Greece has less than two weeks to strike a deal with its creditors or face defaulting on an existing loan.
Mr Dijsselbloem stressed that "very little time remains" for Greece.

Reports say that the European Central Bank (ECB) will hold an emergency meeting of its governing council on Friday to discuss the deteriorating situation for Greek banks.

It is thought that the ECB may have to extend further emergency funding for Greek banks which have suffered high rates of withdrawals by customers worried that Greece could be forced out of the eurozone.