Greece has been warned of an impending “disaster” after crisis talks between the country’s finance minister and Eurozone counterparts broke up without agreement in Brussels. The country rejected a draft proposal put forward by European finance ministers that would see an extension of Greece’s international bailout package. Dutch finance minister Jeroen Dijsselbloem, who chaired the meeting, says Athens now has until Friday to request an extension or risk seeing the bailout expire at the end of the month.
If that happens the Greek state and its banks could face a looming cash crunch. Greece’s finance minister, Yanis Varoufakis, said negotiations will continue, adding he has “no doubt” an agreement will be reached that would be “therapeutic to Greece and for Europe”.