European talks on Greek debt collapse

Greece will default in March if a deal with EU isn&#039;t reached — (Image credit: Milos Bicanski/Getty Images)

Expectations for Monday's meeting of Eurozone finance ministers were pretty low, and those expectations were met when the talks ended suddenly and among mutual finger-pointing. Germany and the other European nations wanted Greece to extend its existing bailout package — which ends at the end of the month — for six more months, but that was unacceptable to the new Greek government of Prime Minister Alexis Tsipras.

If no deal is reached, the Greek government will probably be unable to make a debt payment at the end of March, threatening default or even expulsion from the euro currency. New talks could be held as soon as Friday.

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.