The European Union announced an emergency summit – RBC

The head of the European Council, Donald Tusk

Photo: REUTERS 2015

European leaders on Monday, June 22 in Brussels will hold an extraordinary meeting, which will discuss the debt problems of Greece, according to Bloomberg. Summit convened by the Chair of the European Council, Donald Tusk after the Eurogroup of finance ministers at talks in Luxembourg on Thursday failed to reach agreement.

«The time has come to urgently discuss the situation in Greece at the highest political level”, – he said. The summit will begin at 7 pm local time (20:00 MSK).

four hours of talks in Luxembourg at the Council of Ministers of Finance of the Eurogroup in Luxembourg ended nothing, says Bloomberg: the parties were unable to break the deadlock, which turned out to Greece, which threatens to default if it is not until June 30 to pay about € 1,5 billion as the IMF loan.

German Finance Minister Wolfgang Schaeuble, like other ministers, did not comment on the negotiations. However, the head of the International Monetary Fund Christine Lagarde said that Greece will not be given a grace period or deferment of payments for June. She said that if Greece fails to pay about € 1,5 billion it will automatically be considered as default. “But I hope that is not the case, I really hope so,” – she said.

The talks in Luxembourg was preceded by the annual report of the National Bank of Greece, in which the regulator made a country from the euro zone. The report states that “the failure to reach agreement will mark the beginning of a painful trend that initially lead to a default of Greece, and in the end – to leave the country from the euro zone and, most likely, from the European Union».

The regulator stressed that managed the debt crisis, which is now under control, can become uncontrollable, that “carries considerable risks for the banking system and financial stability.” The result may be a worst-case scenario a deep recession, a sharp drop in income, the exponential growth of unemployment and the collapse of the Greek economy, the document says.

The current program of aid to Athens by the European Commission, the IMF and the ECB of € 245 billion will be finished June 30th. The same day, Greece has to pay the IMF € 1,538 Bln. The government will not be able to make a payment in the event that if you do not agree new loan terms.

«troika” demands from the Greek authorities to tighten savings in exchange for financial help. Against such a measure objects left-radical government. In early June, Tsipras said that Athens will not conduct new reforms and the IMF would have to postpone the payment.

Earlier, the German Bild, citing its sources in official circles, wrote that Greece plans to postpone the June payment. The Minister of Economy of Greece Georgios Stafakis said that the country has the funds to payments.