Greece failed again to clinch a deal with its creditors, setting up a last-ditch effort on Saturday to avert a default next week amid fears of financial market turmoil. Deborah Lutterbeck reports.
A lot of talk. And the clock is ticking and ticking and ticking for Greece to clinch a deal with international creditors. Now the third meeting in a week with Euro zone finance ministers ends without a deal. They meet again Saturday. Greek officials say the government has already compromised Eurogroup Chairman, Jeroen Dijsselbloem says there is still time (SOUNDBITE) (English) EUROGROUP CHAIRMAN, JEROEN DIJSSELBLOEM, SAYING: "The door is still open for the Greek side to come with new proposals or to accept what is on the table. As heads of state arrive for a summit about immigration -- also in Brussels -- Greek Prime Minister Alexis Tsipras is optimistic. (SOUNDBITE) (English) GREEK PRIME MINISTER, ALEXIS TSIPRAS, SAYING: "What's going on? You don't know? So I think that European history is full of disagreements, negotiations, and then compromises. So after the comprehensive Greek proposals, I am confident that we will reach the compromises that will help euro zone and Greece to overcome the crisis." German Chancellor Angela Merkel was less positive, even saying the negotiations had gone "backwards." Without a deal Greece is set to default on a crucial repayment to the IMF next Tuesday. That could trigger a bank run, possibly setting Athens on a path out of the euro zone.