Greek crisis: No deal reached at Eurogroup meeting

Finance ministers of the Eurozone (a monetary union of 19 EU nations that have adopted the Euro as their common currency) have failed to find a breakthrough after long-hour talks over the reform proposal delivered by the Greek government in Luxembourg on Thursday (local time).

Concerns are growing over the beleaguered nation’s announcement of default (failure to meet the financial obligations such as loans) and exit from the Eurozone as the Greek government and international lenders failed to reach a consensus again with only 10 days left before the payment due date on June 30 when the bailout program expires.

The international lenders consisting of the European Commission, the IMF and the ECB are now urging the Greek government to reform its pension and taxation systems as a prerequisite for provision of the bailout funds of 7.2 billion euros.

As no deal was concluded at the Eurozone meeting, the EU emergency summit to be held in Brussels on June 22 is expected to be a turning point of the Greek crisis. European Council President Donald Tusk made an announcement of the EU emergency summit right after the Eurogroup ended its talks without making progress, saying, “It is time to urgently discuss the situation of Greece at the highest political level.”

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