“The political situation has not changed. There are no grounds for an extension. So unfortunately the programme expired last night at midnight,” Eurogroup President Jeroen Dijsselboem said on Wednesday after eurozone finance ministers held a conference call to discuss the Greek crisis.
Greece's last-minute overtures to international creditors for financial aid yesterday (30 June) were not enough to save it from becoming the first developed economy to default on a loan with the International Monetary Fund. The situation remains so uncertain that even the Sunday referendum, on whether to accept the aid, hangs in doubt.
In an unusual move that underlined frustration with the Greek government, the European Commission published on Sunday (28 June) what it said were the last proposals creditors made to Athens before Greece broke off funding talks. Commission President Jean-Claude Juncker will speak to the press today at noon.
The European Union welcomed new proposals from Greek Prime Minister Alexis Tsipras as a "good basis for progress" at talks today (22 June) where creditors want 11th-hour concessions to haul Athens back from the brink of bankruptcy.
The European Central Bank won crucial backing from Europe's top court today (16 June) for its pledge to do whatever it takes to save the euro, defeating a German group's challenge, as bloc member Greece edges dangerously close to default.
Greece and its creditors are locked in a stalemate after loan talks collapsed over the weekend, bringing Athens just two weeks away from a catastrophic default on its debt. On Thursday (18 June), when the Eurogroup will for the last time try to find a solution, Greek Prime Minister Alexis Tsipras will be on a visit to Russia.
An agreement between Moscow and Athens for the construction of the “Turkish Stream” gas pipeline, expected to bring up to €5 billion to Greece, may possibly be signed at the start of next week, Greek government sources said on Saturday (18 April).
ECB chief Mario Draghi was assaulted by a protester during a presser on Wednesday (15 April). Jumping up on the table in front of him like a karate kid while throwing confetti, the young woman shouted 'ECB dictatorship' with a German accent, before she was wrestled out of the press room by security guards.
The European Commission is considering an investigation into whether Greece, Italy, Portugal and Spain have illegally underwritten banks which have accumulated assets considered low-quality in the rest of the eurozone, the Financial Times reported.
Greek Finance Minister Yanis Varoufakis said yesterday (5 April) that Greece "intends to meet all obligations to all its creditors, ad infinitum," seeking to quell default fears ahead of a big loan payment Athens owes the IMF later this week.
Germany dismissed Greek demands to pay World War II reparations after leftist Prime Minister Alexis Tsipras accused Berlin of using legal tricks to avoid compensating Greece for the Nazi occupation of his country.
Two hundred years after Napoleon's ambitions to rule Europe died at Waterloo, France won a small battle yesterday (11 February) to prevent the minting of a euro coin commemorating an event that shaped today's continent.