A summit of European Union leaders has been cancelled as Greece hovers on the threshold of exit from Europe’s single currency and the eurozone desperately plays for extra time to reach a deal.
Nine hours of talks between eurozone finance ministers broke up last night amid recriminations and warnings from many countries that the left-wing Greek government cannot be trusted, despite the concessions it has made.
It is expected that Greece will be told to implement a series of draconian austerity laws next week before negotiations on a new, third bailout can begin, an ultimatum that could lead to the collapse of Alexis Tsipras’s left-wing government.
“I think it’s utterly unlikely the European Commission will get a mandate to start formal negotiations as regards a