Greece is on the brink of exiting the European Union as concerns grow

Germany and Greece face a dramatic eurozone showdown which could see Athens abandon the single currency to ease crippling austerity.

Euro finance ministers will hold crisis talks as a deadline for Greece to request an extension to its €240billion (£176bn) bailout programme looms.

The last tranche of rescue money destined for Athens will be withheld unless the Greeks agree to more spending cuts and tax hikes.

Surrendering the lifeline would leave Greece unable to pay its debts – paving the way for a “Grexit”.

Germany has rejected Greek requests for a fresh six-month assistance package that would have reduced Berlin-backed austerity.

The fall-out from a Greek exit would unleash a disastrous ripple effect, eventually hitting Britain and impacting on the UK economy.

Full article: Greece is on the brink of exiting the European Union as concerns grow (Mirror)

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