EU Calls Emergency Summit as Greece Runs Out of Time

Euro-area leaders will hold an emergency summit Monday in Brussels with Greece set to reach the end of its bailout agreement without receiving more aid.

European Union President Donald Tusk called the summit to discuss Greece’s plight after finance ministers failed to reach an agreement at a meeting on Thursday.

“It is time to urgently discuss the situation of Greece at the highest political level,” Tusk said in a statement. The summit will start at 7 p.m. on June 22.

Four hours of talks in Luxembourg failed to break the deadlock between creditors and Greece before the nation’s financial lifeline expires at the end of the month. It’s “unthinkable” that Greece will get money by June 30, Eurogroup President and Dutch Finance Minister Jeroen Dijsselbloem told reporters.

“Let’s say that we do reach an agreement, it’s unthinkable that the implementation and then disbursement will also have to take place before the end of the month,” Dijsselbloem said. “That’s unthinkable. So in that scenario we would need an extension.”

As the meeting wrapped up, a Greek government official in Athens said that Greece won’t be blackmailed. Greece aims to stay calm and decisive in the face of plots that aim to trigger capital flight and destabilize the country’s economic and financial system, the official said.