"Greece edged closer to a euro exit after the currency region’s finance ministers said there will be no more talks on financial support unless the Greek government requests an extension of its existing bailout program."
After three weeks of sparring since Prime Minister Alexis Tsipras’s election victory, finance chiefs hardened their positions as negotiations in Brussels ended abruptly on Monday night with Greek Finance Minister Yanis Varoufakis refusing to bow to European demands.
“There won’t be a meeting where we have to listen to how the world is working,” Austrian Finance Minister Hans Joerg Schelling said in an interview Tuesday. “There will be a meeting only where it’s clear, the letter is there, the request is there, the conditions are confirmed.”
Time is running out for Greece: The current aid agreement expires at the end of February.
Failure to reach an accord could see Greece run out of cash by the end of March, forcing Tsipras to consider breaking his election promises to end austerity or contemplate the reintroduction of a separate Greek currency.
Read more: The yield on Greece’s three-year bonds rose 76 basis points to 18.34 percent at 2:22 p.m. in Athens. That compares with 21.1 percent last week, the highest since the debt started