Date
18 January 2017
IMF managing director Christine Lagarde, shown with Greek Finance Minister Yanis Varoufakis, says talks are needed with "adults in the room". Photo: Reuters
IMF managing director Christine Lagarde, shown with Greek Finance Minister Yanis Varoufakis, says talks are needed with "adults in the room". Photo: Reuters

Eurozone chiefs set emergency meeting amid Greek bank run

Eurozone leaders will try again to break an impasse over a bailout deal as Athens staggers toward default and Greek banks deal with a run on deposits.

An emergency meeting is set for Monday after negotiators broke off talks on Thursday still deadlocked over Greek pensions cuts and other reforms.

Athens is facing a June 30 deadline on a 1.6 billion euro (US$1.8 billion) payment to its creditors but officials said they can’t pay.

Eurozone lenders are refusing to release any money from a bailout package unless Athens agree to the austerity demands.

“Regrettably … too little progress has been made. No agreement is in sight,” Jeroen Dijsselbloem, chairman of the Eurogroup, was quoted as saying by Reuters.

European Central Bank (ECB) officials said it’s not clear whether Greek banks will be open on Monday, according to Reuters.

Greek Finance Minister Yanis Varoufakis said Athens has put a “radical proposal” on the table to show its willingness to reach a deal. 

But Christine Lagarde, managing director of the International Monetary Fund, said further talks are needed “with adults in the room”.

Greeks withdrew more then two two billion euros between Monday and Wednesday after talks collapsed.

The amount is double the ECB granted Greek banks in additional emergency cash on Wednesday.

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