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| Greek bank stocks plunge after debt negotiations stall | Greek bank stocks plunge after debt negotiations stall |
| (about 1 hour later) | |
| Shares in some of Greece's biggest banks have fallen sharply on the Athens Stock Exchange, following a fresh blow to the country's debt negotiations. | Shares in some of Greece's biggest banks have fallen sharply on the Athens Stock Exchange, following a fresh blow to the country's debt negotiations. |
| Stocks in the National Bank of Greece fell by more than 10%, while Piraeus Bank fell more than 11.5%. | |
| Officials from the International Monetary Fund (IMF) pulled out of talks with Greek politicians in Brussels yesterday, citing "major differences". | Officials from the International Monetary Fund (IMF) pulled out of talks with Greek politicians in Brussels yesterday, citing "major differences". |
| Greece is seeking to avoid defaulting on a €1.5bn debt repayment to the IMF. | Greece is seeking to avoid defaulting on a €1.5bn debt repayment to the IMF. |
| The payment is due by the end of the month. | The payment is due by the end of the month. |
| Shares on the Athens Stock Exchange had soared on Thursday amid renewed optimism about Greece's talks with its creditors. | Shares on the Athens Stock Exchange had soared on Thursday amid renewed optimism about Greece's talks with its creditors. |
| The index climbed more than 14% - the best performance in several weeks. | The index climbed more than 14% - the best performance in several weeks. |
| But the IMF's withdrawal has dampened investors' moods. | But the IMF's withdrawal has dampened investors' moods. |
| On Friday, Jeroen Dijsselbloem, president of the Eurogroup of finance ministers, said a deal without the IMF was "unimaginable". | On Friday, Jeroen Dijsselbloem, president of the Eurogroup of finance ministers, said a deal without the IMF was "unimaginable". |
| However, German chancellor Angela Merkel urged all parties to continue negotiations. | However, German chancellor Angela Merkel urged all parties to continue negotiations. |
| Speaking at a business conference in Berlin, Ms Merkel said: "Where there's a will there's a way, but the will has to come from all sides so it's important that we keep speaking with each other". | Speaking at a business conference in Berlin, Ms Merkel said: "Where there's a will there's a way, but the will has to come from all sides so it's important that we keep speaking with each other". |