Eurogroup talks on Greece halted until Thursday: Finland

“Pierre Moscovici said on Saturday ahead of the meeting that the differences between Greece and its creditors could be bridged”.

Finnish Finance Ministrer Alexander Stubb says that the eurozone meeting on Greece has wrapped for the day without an agreement on new bailout loans for the country.

The referendum move further crumbled already strained relations between Greece and its European partners. The ELA’s ceiling was left unchanged at €89 billion on Friday after a day of relative calm for Greek banks.

A deal on a draconian austerity package is vital for creditors to unfreeze 7.2 billion euro (£5.1 billion) in bailout money that would get prime minister Alexis Tsipras off the hook for the time being.

Markets surged earlier this week on optimism that a deal could be brokered after Greece submitted new proposals to put its finances in order.

The “s finance ministers” meeting – the fourth in less than a week – has been adjourned briefly to allow Greece to come forward with further proposals.

Greek Finance Minister Yanis Varoufakis said several ministers within the 19-nation eurozone found that Athens was being pushed too hard. Her comment behind closed doors echoed the height of euro zone debt crisis in 2012, when European Union leaders feared a possible meltdown of their single currency.

The 19 ministers are back at the negotiating table in Brussels today in an attempt to finalise an agreement and avoid a default by Athens. Creditors have said in the past they would consider that, by either lowering the interest rates or extending repayment dates on Greece’s bailout loans. Its banks face the risk of collapse. “But in that month there can be no disbursements”, he said.

“Clearly a government that doesn’t have the confidence of its deputies can’t stand up. I do not know”, Dijsselbloem said.

He said: “We have actually squeezed out of our public sector expenditure nearly everything except low wages and low pensions”.

“European history is full of disagreements, negotiations, and then compromises”, said Greek prime minister Alexis Tsipras as he arrived at the EU summit.

Tsipras met with them this morning after talks broke down again last night. It would be under huge pressure to stop using eurozone taxpayer money to keep alive the banks if there is no prospect for a deal.

“In this case, we meet and nothing happens”.

The Associated PressATHENS (AP) – Greece’s government on Tuesday defended the billions worth of “harsh” new budget savings it has offered in talks with creditors, as some of the governing party’s own lawmakers spoke out against them.

“Think about the tax authority that doesn’t function any more, all foreign investors are leaving the country, people have no more trust in the government”.

A Greek banking official says the European Central Bank has approved a request from Athens to increase the amount of emergency liquidity Greek lenders can tap from the country’s central bank. The euro dropped in value slightly on worldwide markets after the referendum was called.