Eurogroup finance ministers gather in Brussels for eleventh-hour talks, in an attempt to break a deadlock over Greece's urgent need for further financing. Ciara Lee reports.
Crunch time for Greece. Euro zone finance ministers meeting in Brussels are hoping to break a deadlock over the country's bailout - which is due to expire in just over a week. Greek finance minister Yanis Varoufakis. (SOUNDBITE) (English) GREEK FINANCE MINISTER YANIS VAROUFAKIS "I most certainly hope that there is going to be an agreement. I trust that we are going to have one. The Greek government has gone not the extra mile, but the extra 10 miles and we are expecting our partners to meet us." Greece had proposed a six-month loan extension - but it's been dismissed by Germany - who says it fails to meet the terms of the bailout programme. As the biggest creditor and EU paymaster, Germany has the clout to block a deal and cast Greece adrift without a lifeline. And European investors were feeling jittery. The euro was down against the dollar for a third day and Germany's DAX opened modestly lower. Baader Bank's Robert Halver. (SOUNDBITE) (German) CAPITAL MARKET ANALYST FROM BAADER BANK, ROBERT HALVER, SAYING: "Markets are nervous. I'm curious as to who will enforce their demands, the Greeks or the Germans. It will be a long meeting and I think markets will already be closed by the time there is a solution -- if there is a solution. Because he who blinks, loses first." Concerns are also growing over whether Greek banks can survive a surge in cash withdrawals. Deposit outflows have accelerated to over 1 billion euros over the past two days, returning to some of the highest daily levels seen this year And the ECB has only modestly increased emergency funding for Greek banks. Vicky Price is Chief Economic Advisor at CBER. (SOUNDBITE) (English) VICKY PRICE, CHIEF ECONOMIC ADVISOR AT CBER, SAYING: "People are now talking about possible capital controls and moving perhaps towards the positions we have seen in Cyprus where there was a limit of how much you can withdraw every day from your bank. Well the Greeks aren't going to like that obviously and there is a lot of evidence of cash withdrawals. Not just moving money out of the country, but actual cash withdrawal and keeping it under the mattress." Officials are playing down talk that today's meeting is make-or-break for Greece. If it again ends in stalemate, yet another summit may be on the cards.