German Chancellor Angela Merkel is demanding
Greece reach a deal with its international creditors ahead of an emergency EU summit
in Brussels on Monday. The German leader says that,… without
this,… the summit would not be able to make any decision on whether or not to bailout
out Greece. Athens has until June 30th to strike a deal
or face defaulting on a one-point-eight billion U.S. dollar IMF loan repayment.
A growing number of analysts believe that,… if Greece fails to make that repayment,
it risks having to leave the eurozone and possibly the EU.
On a related note,… there′s also deepening fear about the health of Greek banks, amid
reports panicking savers have withdrawn four-and-a-half billion dollars from their accounts this week
alone. That figure represents about three percent
of all household and corporate deposits held by Greek banks as of the end of April.