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Greek bank stocks plunge after debt negotiations stall European shares fall amid Greek default fears
(about 2 hours 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 on European stock markets have fallen sharply amid reports that senior EU officials have discussed a possible Greek default for the first time.
The Athens stock exchange closed nearly 6% lower, while Germany's Dax and France's Cac 40 closed more than 1% lower.
Stocks in the National Bank of Greece fell by more than 10%, while Piraeus Bank fell more than 11.5%.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". Cash-strapped Greece is trying to reach a deal that will unlock bailout funds.
According to official sources quoted by news agencies, senior eurozone officials meeting in Bratislava on Thursday held their first formal talks on the possibility that Greece might default on its debt payments.
Also on Thursday, officials from the International Monetary Fund (IMF) pulled out of talks with Greek politicians in Brussels, 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."