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| Greece bailout talks break down after Athens rejects 'irrational and unacceptable' demand from eurozone partners | Greece bailout talks break down after Athens rejects 'irrational and unacceptable' demand from eurozone partners |
| (35 minutes later) | |
| A meeting of eurozone finance ministers to discuss Greece's financial bailout has broken down amid signs that the discussions ended in discord. | A meeting of eurozone finance ministers to discuss Greece's financial bailout has broken down amid signs that the discussions ended in discord. |
| Hopes for a deal took a hit after some finance ministers, including Germany's Wolfgang Schaeuble, raised concerns over the new Greek government's negotiating tactics and demands. | Hopes for a deal took a hit after some finance ministers, including Germany's Wolfgang Schaeuble, raised concerns over the new Greek government's negotiating tactics and demands. |
| The gathering broke up after Greece rejected what it said was an "irrational and unacceptable" demand from its euro partners at the start of discussions in Brussels. | The gathering broke up after Greece rejected what it said was an "irrational and unacceptable" demand from its euro partners at the start of discussions in Brussels. |
| A Greek government official said the proposals were a "radical departure" from what was previously discussed. | A Greek government official said the proposals were a "radical departure" from what was previously discussed. |
| The draft eurogroup statement, which the Greek authorities rejected, envisioned Athens requesting a 6-month technical extension to its current bailout program, agreeing to "make the best use of the existing built-in flexibility of the current program," and refraining from taking "unilateral action." | The draft eurogroup statement, which the Greek authorities rejected, envisioned Athens requesting a 6-month technical extension to its current bailout program, agreeing to "make the best use of the existing built-in flexibility of the current program," and refraining from taking "unilateral action." |
| With the divisions wide, it looks increasingly like another meeting may be needed. Irish Finance Minister Michael Noonan ventured the possibility of another meeting on Friday, which would be the third in a little over a week. | With the divisions wide, it looks increasingly like another meeting may be needed. Irish Finance Minister Michael Noonan ventured the possibility of another meeting on Friday, which would be the third in a little over a week. |
| The Greek government, which took power three weeks ago on an anti-austerity platform, wants to scrap its existing bailout deal, which has been worth 240 billion euros (currently £177 billion) from other countries that use the euro and the International Monetary Fund. | The Greek government, which took power three weeks ago on an anti-austerity platform, wants to scrap its existing bailout deal, which has been worth 240 billion euros (currently £177 billion) from other countries that use the euro and the International Monetary Fund. |
| German Finance Minister Wolfgang Schaeuble was one of many to raised their concerns (AP) | |
| It blames the austerity measures the country has had to enact in return for the rescue money for many of the country's current ills. Despite a modest return to growth in 2014, Greece's economy is still around a quarter smaller than 2008, while unemployment and poverty rates have swelled dramatically. | It blames the austerity measures the country has had to enact in return for the rescue money for many of the country's current ills. Despite a modest return to growth in 2014, Greece's economy is still around a quarter smaller than 2008, while unemployment and poverty rates have swelled dramatically. |
| Instead, Athens wants its creditors to agree to a new, short-term "bridge agreement" that can keep it solvent after Feb. 28, when the current bailout deals ends. | Instead, Athens wants its creditors to agree to a new, short-term "bridge agreement" that can keep it solvent after Feb. 28, when the current bailout deals ends. |
| The government of Greek Prime Minister Alexis Tsipras has still to deliver concrete proposals of its plan, though it has insisted it does not want to extend the current bailout program, which is the preferred option of many of the eurozone's finance ministers. | The government of Greek Prime Minister Alexis Tsipras has still to deliver concrete proposals of its plan, though it has insisted it does not want to extend the current bailout program, which is the preferred option of many of the eurozone's finance ministers. |
| PA/AP | PA/AP |