Economics

Greek Talks With Euro-Area Finance Ministers Break Up

U.S. Risk From Greece Hinges on ECB Plan: Weinberg

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By Rebecca Christie, Corina Ruhe and Jonathan Stearns

February 16, 2015 at 5:26 PM UTC

Updated on

February 17, 2015 at 4:53 AM UTC

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European Commission President Jean-Claude Juncker’s 11th-hour effort to strike a deal with Greece on Monday was parried by euro-area finance ministers who sought to extend an austerity program in exchange for financial support.

Talks in Brussels ended abruptly and Greek Finance Minister Yanis Varoufakis claimed a bait-and-switch, saying Juncker’s commission offered a path forward that finance ministers then refused to put on the table. Instead, Dutch Finance Minister Jeroen Dijsselbloem offered a different statement tying Greece to its current agreement. Varoufakis rejected that proposal out of hand, and the euro weakened on the impasse.