The Greek Crisis Deepens

One would think that the Greek crisis would hit rock bottom sooner or later, but it seems that there’s always room to deepen further. Then again, rock bottom would probably be Greece defaulting, which thankfully hasn’t happened yet.

In an effort to avoid that outcome Eurozone finance ministers are meeting in a desperate bid to find a solution to the Greece debt crisis amid deadlock between Athens and its creditors.

Greece faces default if it fails to make a €1.6bn (£1.1bn) IMF debt repayment by Tuesday.
But, as Europe's leaders arrived for a Brussels summit, Germany's Angela Merkel warned talks were going nowhere.
Top-level negotiations between Greece's prime minister and international lenders ended earlier without a deal.
"We still haven't made the necessary progress; in some places it looks like we're even going backwards," Chancellor Merkel told reporters.
If Greece does default, it could exit the Eurozone, with possible repercussions for the rest of Europe and the world economy.
Only once agreement is reached will the European Commission, the European Central Bank (ECB) and the International Monetary Fund (IMF) unlock the final €7.2bn tranche of bailout funds for cash-strapped Greece.
European Council President Donald Tusk was a little more upbeat, butappeared to base his optimism on instinct: "I have a good hunch thatunlike in Sophocles' tragedies this Greek story will have a happy end."