Finance ministers from the 17 eurozone countries, known as the eurogroup, are to convene at 4pm GMT today for talks that will focus on the Greek political chaos and fears over the health of Spain's banking sector.
Cyprus's Popular Bank is in negotiations with the government over possible state financing to help it recapitalise from exposure to Greek toxic debt. Popular Bank is the local bank most exposed to the Greek debt crisis, needing to raise an estimated ‚?¨1.5bn or more in additional capital buffers as required from the European financial authorities.
A ‚??strictly confidential‚?Ě report on Greece‚??s debt projections prepared for eurozone finance ministers reveals Athens‚?? rescue programme is way off track and suggests the Greek government may need another bail-out once a second rescue ‚?? set to be agreed on Monday night ‚?? runs out.