Late night talks in Brussels to stave off a Greek crash out of the euro have been paused but are set to reconvene in the coming hours in order to thrash out a deal before EU leaders meet later on Thursday.
Eurozone finance ministers cut their meeting short due to differences over the types of reforms Greece still needs to present in order to receive billions of euros in aid it desperately needs to keep the country running before making big loan repayments next week.
Our reporter Sandra Gathmann has followed the meetings in Brussels.
IN: "Another frustrating….."
OUT: SOC
DUR: 2:20
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REPORTER VO:
Another frustrating night of talks in Brussels to save Greece from default saw eurozone finance ministers walk out after only an hour
Seeing no deal on the table worth discussing the Greek Prime Minister Alexis Tsipras and his chief creditors, the heads of the IMF ECB and European Commission - Lagarde, Draghi, and Juncker took their meeting across the road
President of the Eurogroup Jereon disseblloem was prepared to stay locked in talks the whole night.
CLIP
unfortunately we have not reached an agreement yet, but we are determined to continue work, this work will go on during the night, if necessary, so we've now adjourned the meeting and we will reconvene at one o'clock tomorrow"
Earlier in the day - Greece's Prime Minister Alexis Tsipras accused creditors of dismissing the latest Greek reform proposals in search of their own interests - in a tweet which quickly set the tone for an impasse.
The IMF in turn dug its heels demanding Greece cut its pensions and overall spending instead of relying on tax hikes to raise money.
But after 5 months of talks and Greece scrambling cash to make repayments Athens needs creditors to unlock bailout funds in order to repay the IMF next week and the ECB later.
Zsolt Darvas - an economist at Bruegel says Athens will be forced to climb down despite pledges to end austerity.
CLIP
"I think it was clear from the beginning, from January, that the Greek demands are simply impossible to meet and that Greece will have to backtrack more of their election promises than the eurozone partners have to backtrack on their requirements for structural reforms and fiscal adjustments.
The crunch talks continue Thursday morning in a bid to put an agreement to EU leaders before they meet for a prescheduled summit in Brussels on the migration crisis
There's pressure too to get a deal past leftist hardliners in Athens, and approved by parliament.
deadlines have come and gone before - and even the proposed solution - a 6 month extension to Greece's bailout means talks are far from over. Sign off.
IN: "Another frustrating….."
OUT: SOC
DUR: 2:20
AIR: http://www.fsnradionews.com/feeds/2506greece-sg-air.mp3
ARN: http://www.fsnradionews.com/feeds/2506greece-sg-arn.mp3
FM4: http://www.fsnradionews.com/feeds/2506greece-sg-fm4.mp3
ICRT: http://www.fsnradionews.com/feeds/2506greece-sg-icrt.mp3
NIGERIA: http://www.fsnradionews.com/feeds/2506greece-sg-von.mp3
RNZ: http://www.fsnradionews.com/feeds/2506greece-sg-rnz.mp3
VATICAN: http://www.fsnradionews.com/feeds/2506greece-sg-vat.mp3
ZIZ: http://www.fsnradionews.com/feeds/2506greece-sg-ziz.mp3
GENERIC: http://www.fsnradionews.com/feeds/2506greece-sg-generic.mp3
REPORTER VO:
Another frustrating night of talks in Brussels to save Greece from default saw eurozone finance ministers walk out after only an hour
Seeing no deal on the table worth discussing the Greek Prime Minister Alexis Tsipras and his chief creditors, the heads of the IMF ECB and European Commission - Lagarde, Draghi, and Juncker took their meeting across the road
President of the Eurogroup Jereon disseblloem was prepared to stay locked in talks the whole night.
CLIP
unfortunately we have not reached an agreement yet, but we are determined to continue work, this work will go on during the night, if necessary, so we've now adjourned the meeting and we will reconvene at one o'clock tomorrow"
Earlier in the day - Greece's Prime Minister Alexis Tsipras accused creditors of dismissing the latest Greek reform proposals in search of their own interests - in a tweet which quickly set the tone for an impasse.
The IMF in turn dug its heels demanding Greece cut its pensions and overall spending instead of relying on tax hikes to raise money.
But after 5 months of talks and Greece scrambling cash to make repayments Athens needs creditors to unlock bailout funds in order to repay the IMF next week and the ECB later.
Zsolt Darvas - an economist at Bruegel says Athens will be forced to climb down despite pledges to end austerity.
CLIP
"I think it was clear from the beginning, from January, that the Greek demands are simply impossible to meet and that Greece will have to backtrack more of their election promises than the eurozone partners have to backtrack on their requirements for structural reforms and fiscal adjustments.
The crunch talks continue Thursday morning in a bid to put an agreement to EU leaders before they meet for a prescheduled summit in Brussels on the migration crisis
There's pressure too to get a deal past leftist hardliners in Athens, and approved by parliament.
deadlines have come and gone before - and even the proposed solution - a 6 month extension to Greece's bailout means talks are far from over. Sign off.