Emergency summit called after Greek debt talks reach impasse
Greece has less than two weeks to strike a deal with its creditors or face defaulting on an existing loan.
An emergency summit of leaders from eurozone nations will be held on Monday, after the latest attempt to resolve the Greek debt crisis failed.
A meeting of finance ministers on Thursday made no breakthrough.
Head of the Eurogroup, Jeroen Dijsselbloem, said that "too little" progress had been made and that "no agreement as yet is in sight".
Greece has less than two weeks to strike a deal with its creditors or face defaulting on an existing loan.
Dijsselbloem stressed that "very little time remains" for Greece.
Reports say that the European Central Bank will hold an emergency meeting of its governing council on Friday to discuss the deteriorating situation for Greek banks.
It is thought that the ECB may have to extend further emergency funding for Greek banks which have suffered high rates of withdrawals by customers worried that Greece could be forced out of the eurozone.
Greece has less than two weeks remaining to strike a deal or face defaulting on an existing €1.6billion loan repayment due to the International Monetary Fund.
The country has already rolled a €300million payment into those due on 30 June.
If it fails to make the payment, it risks having to leave the eurozone and possibly also the EU.
