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Greek debt: Merkel urges deal before Monday summit

June 19, 2015 5:06 pm

German Chancellor Angela Merkel has warned there must be a deal between Greece and its creditors ahead of Monday’s emergency EU summit.

Otherwise, she said, the summit would not be able to make any decision.

Greece has less than two weeks remaining to strike a deal or face defaulting on a €1.6bn (£1.1bn) IMF loan repayment.

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There are fears about the health of Greek banks, amid reports more than €4bn has been withdrawn this week.

On Friday, the European Central Bank (ECB) approved more emergency help for the banks. The amount of extra funding has not been officially disclosed.

Meanwhile, Russia says it will consider granting a loan to Greece if it is asked.

If Greece fails to make the repayment due to the International Monetary Fund, it risks having to leave the eurozone and possibly also the EU.

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