EU calls emergency summit as Greek debt deadline looms

Eurozone leaders are to hold an emergency summit on Monday after the latest meeting failed to reach a deal to solve Greek debt crisis.

The BBC reports that head of the Eurogroup, Jeroen Dijsselbloem, said “too little” progress had been made for the Greek debt negotiations and that “no agreement as yet is in sight”.

He said “very little time remains” for Greece.

Greece has twelve days to get a deal with its creditors or will face defaulting on an existing loan of €1.6bn (£1.1bn) to the International Monetary Fund.

Creditors also urged the Greek government to come up with a “a credible reform plan” if it wants to access the €7.2bn remaining bailout funds.

Greece’s prime minister Alexis Tsipras said he is working to make Monday’s summit a “success.”

He says: “The leaders’ summit on Monday is a positive development on the road toward a deal. All those who are betting on crisis and terror scenarios will be proven wrong.”

Greek central bank has recently warned a default could lead to a “painful” exit from the eurozone.