Greek crisis: Merkel says talks "going backwards" as finance ministers fail to agree

 
Billy Ehrenberg
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Greek Prime Minister Alexis Tsipras was unable to agree with the country’s lenders (Source: Getty)

There were worrying signs of a damaging stalemate at talks between Greece and its creditors, as Angela Merkel played down chances of a deal on Thursday.

Merkel said:

We still haven't made the necessary progress; in some places it looks like we're even going backwards.

Greek Prime Minister Alexis Tsipras was again unable to agree with the country’s lenders, and there was no breakthrough at a meeting of European finance ministers.

Read more: IMF will "not extend Greece repayment deadline"

There was a glimmer of hope when Greece presented new proposals on Thursday, but the IMF has yet to offer a judgement.

The IMF said earlier it will not be extending the deadline for Greece to pay the €1.6bn (£1.1bn) it owes. Should Greece default, an exit from the Euro and even the EU are more than possible outcomes.

To avoid default, Greece needs to get €7.2bn in bailout funds, but to unlock those requires agreement with the troika on reforms. It’s a familiar story, and, tonight at least, a similar, frustrating outcome.

Finance ministers have met four times this week already and will meet again on Saturday.

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