Greece debt talks collapse and EU leaders prepare for state of emergency from runaway market panic

Wednesday, June 24, 2015
By Paul Martin

by: J. D. Heyes
Wednesday, June 24, 2015

Debt talks to resolve Greece’s ongoing financial crisis are going nowhere, and now the entire European Union is bracing for what it believes could be a financial emergency that will begin in Athens but potentially spread throughout the continent.

As reported by Reuters, Greek officials and creditors to the nation have drawn lines in their positions, diminishing hopes for a settlement that would avoid a default on billions of euros that the Mediterranean nation owes following a financial bailout a few years ago.

The stalled negotiations have prompted Germany’s EU commissioner to declare that the time had come for a “state of emergency” after Left-wing Greek Prime Minister Alexis Tsipras ignored pleas from other European leaders to act quickly.

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