Eurogroup meeting ends with no Greece deal

Focus was on the Eurogroup meeting on Monday where negotiations between EU finance ministers and Greece took place. Early in the day, there was talk of a deal on an extension on the Greek bailout and that kept the euro above the key $1.1400 level. Unfortunately both sides appeared inflexible and talks were halted with no deal reached.

The euro slipped back below $1.1400 to $1.1320 in reaction to the news.

Negotiations ended abruptly as Greek Finance Minister Yanis Varoufakis claimed a bait-and-switch, saying that the European 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.

Dijsselbloem, who leads the finance ministers’ group, eventually halted the proceedings, saying ministers could reconvene on Friday if there’s a breakthrough.

“The next step has to come from the Greek authorities,” Dijsselbloem told reporters. “They have to make up their minds whether they will ask for an extension.”

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