EU loses patience with Greece and refuses to extend bailout deadline

Eurozone finance ministers have refused to extend Greece’s bailout programme beyond Tuesday, when a €1.6bn (£1.1bn) IMF payment is due. The Greek government have announced a snap referendum on 5 July - and the country’s Finance Minister, Yanis Varoufakis, had requested an extension of several weeks until it had taken place. However, Eurogroup President Jeroen Dijisselbloem has said it will not be possible to provide a temporary extension until the result of the ballot is known.

The European Union founding principles were democracy, solidarity, equality and mutual respect. It was not based on blackmail and ultimatums.

Prime Minister Alexis Tsipras

Eighteen finance ministers are continuing informal talks in Brussels - however, Mr Varoufakis is not believed to be in attendance. The fact that no progress has been made ahead of Tuesday’s deadline for Greece’s €1.5bn payment means there is a possibility that Athens will be unable to receive emergency support for its banks. German Chancellor had urged Greece to accept the €12bn lifeline, describing it as “extraordinarily generous”. But in a televised address, Mr Tsipras said the Greek government had been asked to accept “unbearable burdens” that would hit the job market and force tax hikes on workers.

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